tax question R/T student loans

[snwflknurse]

Anyone know if I'm supposed to claim student loan money as income? It would seem like it, but I just went through the whole Turbo Tax thing and it didn't ask about student loans. Also, it would seem like if it's something I'm supposed to claim, that the loan company would send me a document, just like the mortgage companies and the employers do, reminding me to claim that on my taxes.

WHat did you guys do?

[TLC RN]

It is not claimed as income. But the interest you pay on a student loan is deductible.

[nursepotter05, RN]

I did not claim student loans as income because it isn't income because you have to pay it back.

[Roseyposey]

Loans aren't income, scholarships are.

[RedSox33RN]

You should get the necessary tax form from your school automatically. It will list interest paid, tuition, grants/scholarships, etc. I give it all to my tax preparer, but I'm sure if you do it yourself the forms you get from the IRS will tell you what numbers you need to plug in on the return.

Don't forget things for education you may have paid for out-of-pocket. I pay for all of my books (and we KNOW how expensive nursing books can be!!) and things like uniforms - whatever you need for school, even subscriptions to nursing journals, if they're required. These are all deductible or claimable (is that a word??? LOL) expenses.

[micco]

I have my taxes done by a CPA and scholarships are not taxed. you cannot use books, stethoscopes, or scrubs for taxes either. Once you have a job, then stethoscopes, scissors, and scrubs are tax deductions.