{"id":37223,"date":"2024-01-15T14:11:57","date_gmt":"2024-01-15T19:11:57","guid":{"rendered":"https:\/\/www.eztaxreturn.com\/blog\/?p=37223"},"modified":"2024-02-08T11:25:01","modified_gmt":"2024-02-08T16:25:01","slug":"how-does-fafsa-affect-my-taxes","status":"publish","type":"post","link":"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/","title":{"rendered":"How Does FAFSA Affect My Taxes?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The information in this article is up to date for tax year 2023 (returns filed in 2024).<\/p>\n\n\n\n<div style=\"height:29px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Many students need additional financial support to get through school. The federal government provides several options for financial assistance, which students can apply for through the FAFSA. If you\u2019re eligible though, is your financial aid taxable?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here\u2019s what you need to know about FAFSA and taxes.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-fafsa\"><strong>What is FAFSA?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/studentaid.gov\/articles\/fafsa-changes-coming\/#:~:text=The%202024%E2%80%9325%20FAFSA%C2%AE%20form%20will%20launch%20in%20December,.gov%2Ffafsa%2Ddeadlines.\">Free Application of Federal Student Aid (FAFSA)<\/a> is an application form students can complete to determine eligibility for student aid from the government. The government has a variety of financial assistant programs, including scholarships, grants, student loans and work-study programs offered through FAFSA.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-fafsa-affect-my-taxes\"><strong>How does FAFSA affect my taxes?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Is your federal financial aid taxable? In short: it depends. Each type of financial aid has different tax obligations.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-student-loans-taxes\">Student loans taxes<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Student loans are not counted toward your taxable income as they will be repaid.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, under the American Recovery Act, student loan debt that is forgiven is tax-free at the federal level through 2025 (state taxes may still apply).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Student loans forgiven or canceled based on your choice of career are also tax-free.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-grants-and-scholarships-taxes\">Grants and scholarships taxes<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you are awarded a scholarship or grant as part of your federal student aid award, they typically do not have to be repaid like student loans. Plus, you may be able to use those funds entirely tax free.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To keep your grants and scholarships tax free you must follow these simple guidelines:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must be pursuing a degree at your school or a training program for specific types of employment.<\/li>\n\n\n\n<li>The money must be spent only on tuition, books, supplies, fees, and equipment <em>required<\/em> for school courses.<\/li>\n\n\n\n<li>You cannot use the funds for school-related travel expenses or room and board.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Any funds you use for non-approved expenses must be reported on your tax return as taxable income.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if you receive a $10,000 grant and use $8,000 on tuition and $2,000 on room and board, that $2,000 is taxable and must be reported as income on your tax return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, if your grant or scholarship has teaching or research requirements, any money you make for that work is taxable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pro Tip: <\/strong>You may be able to save more on taxes by spending a portion of your grants or scholarships on non-qualified expenses. That will then count as taxable income to qualify for educational credits that lower your tax bill. In other words, any non-grant or scholarship money you spend on remaining qualified educational expenses may make you eligible for a tax credit under the American Opportunity Credit.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-work-study-program-taxes\">Work-study program taxes<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Work-study programs are part-time, on-campus jobs designed to reduce your tuition costs. However, the income you earn through the work-study program is subject to state and federal taxes. <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc456\">FICA taxes<\/a> will also be withheld from your paychecks unless you are enrolled in college full-time and only work part-time (less than 20 hours a week).&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Note: Work-study programs are not the same as regular part-time jobs. If you are not awarded work-study as part of your financial aid package, any income you earn from a part-time job will be taxable (and could impact your financial aid eligibility when you submit your FAFSA form).<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-luminous-vivid-orange-background-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=fafsataxes&amp;gid=fafsataxes\" target=\"_blank\" rel=\"noreferrer noopener\">Get Started Now!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tax-breaks-for-student-loans\"><strong>Tax breaks for student loans<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/staging.eztaxreturn.com\/blog\/tax-credits-vs-deductions-whats-the-difference\/\">Tax credits and deductions<\/a> for education expenses can further reduce your tax burden come tax season. Here are a few options you may be eligible for.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Student tax credits and deductions:&nbsp;<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/aotc#:~:text=The%20American%20opportunity%20tax%20credit,of%20%242%2C500%20per%20eligible%20student.\">American Opportunity Credit<\/a>: This credit allows you to claim up to $2,500 for qualified education expenses.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/llc\">Lifelong Learning Credit<\/a>: This credit allows you to claim up to $2,000 for qualified tuition and related educational expenses. Students must be enrolled in an eligible institution and pursuing an undergraduate, graduate, or professional degree courses\u2013including course to improve or acquire job skills.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.irs.gov\/taxtopics\/tc456\">Student loan interest reduction<\/a>: If you paid student loan interest, you can claim a tax deduction on your return for up to $2,500.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-financial-aid-and-taxes-faq\">Financial aid and taxes FAQ<\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-taxable-income\">What is taxable income?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/staging.eztaxreturn.com\/blog\/income-taxable-or-non-taxable\/\">Taxable income<\/a> is your gross income minus any exemptions, deductions or credits. Reducing your taxable income reduces your overall taxes owed. Understanding this can help you make strategic decisions about what financial aid you apply for and how you use any funds you\u2019re awarded.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-i-have-to-pay-taxes-on-student-loans\">Do I have to pay taxes on student loans?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No. Student loans are tax-free and you don\u2019t need to report them on your tax return. Additionally, student loan forgiveness However, you may have to report settled student loan debt.&nbsp;<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-i-have-to-pay-taxes-on-federal-grants\">Do I have to pay taxes on federal grants?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Generally, no. Federal grants like Pell grants are tax-free when applied to any qualified educational expenses. If you use a portion of the grant money for non-qualified expenses, those funds will count as taxable income on your tax return.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-i-have-to-pay-taxes-on-student-financial-aid\">Do I have to pay taxes on student financial aid?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Your tax liability on financial aid depends on the types of financial assistance you receive, specific stipulations on the funds, and how you spend the money. Typically, grants and scholarships are tax-free as long as they are put towards qualified educational expenses. Any portion of the funds used on non-qualified expenses must be reported as taxable income on your tax return.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Don\u2019t get schooled by your taxes this season. Let <a href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=fafsataxes&amp;gid=fafsataxes\" target=\"_blank\" rel=\"noreferrer noopener\">ezTaxReturn<\/a> help! With ezTaxReturn, simple federal returns are free to file. Use our intuitive, step-by-step guide. Questions? We offer free customer support to get you answers fast.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Start your return today and get the maximum refund, guaranteed.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe48e5de wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-font-size has-medium-font-size\"><a class=\"wp-block-button__link has-white-color has-luminous-vivid-orange-background-color has-text-color has-background has-link-color wp-element-button\" href=\"https:\/\/www.eztaxreturn.com\/?utm_dest=site&amp;action=start_return&amp;utm_source=blog&amp;utm_medium=blog&amp;utm_term=fafsataxes&amp;gid=fafsataxes\" target=\"_blank\" rel=\"noreferrer noopener\">Get Started Now!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">The articles and content published on this blog are provided for informational purposes only. The information presented is not intended to be, and should not be taken as, legal, financial, or professional advice. Readers are advised to seek appropriate professional guidance and conduct their own due diligence before making any decisions based on the information provided.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The information in this article is up to date for tax year 2023 (returns filed in 2024). Many students need additional financial support to get through school. The federal government provides several options for financial assistance, which students can apply for through the FAFSA. If you\u2019re eligible though, is your financial aid taxable? Here\u2019s what [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":37283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-37223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-tips-and-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.13 (Yoast SEO v20.13) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Does FAFSA Affect My Taxes?<\/title>\n<meta name=\"description\" content=\"Is your federal financial aid taxable? 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Here\u2019s what you need to know about FAFSA and taxes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/\" \/>\n<meta property=\"og:site_name\" content=\"ezTaxReturn.com Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ezTaxReturn\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-15T19:11:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-08T16:25:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.eztaxreturn.com\/blog\/wp-content\/uploads\/2024\/01\/FAFSA-Affect-Taxes.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ezTaxReturn Expert Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ezTaxReturn\" \/>\n<meta name=\"twitter:site\" content=\"@ezTaxReturn\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ezTaxReturn Expert Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/\"},\"author\":{\"name\":\"ezTaxReturn Expert Staff\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#\/schema\/person\/53293fc1f8f3940b232359e95b10360b\"},\"headline\":\"How Does FAFSA Affect My Taxes?\",\"datePublished\":\"2024-01-15T19:11:57+00:00\",\"dateModified\":\"2024-02-08T16:25:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/\"},\"wordCount\":986,\"publisher\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#organization\"},\"articleSection\":[\"Tax Tips &amp; Planning\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/\",\"url\":\"https:\/\/staging.eztaxreturn.com\/blog\/how-does-fafsa-affect-my-taxes\/\",\"name\":\"How Does FAFSA Affect My Taxes?\",\"isPartOf\":{\"@id\":\"https:\/\/staging.eztaxreturn.com\/blog\/#website\"},\"datePublished\":\"2024-01-15T19:11:57+00:00\",\"dateModified\":\"2024-02-08T16:25:01+00:00\",\"description\":\"Is your federal financial aid taxable? 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