Is student loan money taxable if you deposit it in your account?
821286
No, loan proceeds aren't taxable whether they are student loans or some other kind of loan.
78152
yes, they will take your income tax. You still owe that money, because in a loan you sign a contract and you are responsible to pay it.
575785
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!
1083385
It all depends.  I got my first disbursement of my Stafford loan yesterday.  The way it works is, if you still owe money for your classes they will deduct that cost, then send you the balance.  You do not get the money until after you have been in classes for a few weeks.  Do you get a Pell grant too?  If so that usually pays for all of your semester classes and books.  I always get a refund from that too.  That check comes about a month into the semester.  You can get the information from your local college by calling the financial aid office.  They can help you over the phone if you give them your ssn.
572735
Do you mean, do you have to pay taxes to the IRS on a personal loan, say, from a bank? Not that I am aware of. I've never had to pay taxes on a car loan, for instamce (on the car, yes, on the loan, no). In fact, some loans - such as home equity lines of credit - you can take a tax deduction on the interest.
302561
You are eligible for tax benifit upto Rs. 40,000/- for the interest that is paid not the principal, the clause is given below:\n\n80E. Deduction in respect of repayment of loan taken for higher education.\n\n(1) In computing the total income of an assessee, being an individual,there shall be deducted, in accordance with and subject to the provisions of this section, any amount paid by him in the previous year, out of his income chargeable to tax, by way of repayment of loan, taken by him from any financial institution or any approved charitable institution for the purpose of pursuing his higher education, or interest on such loan: Provided that the amount which may be so deducted shall not exceed forty thousand rupees.
535647
Yes.  But, if the loan is not repaid because it was forgiven, the amount forgiven may have to be reported as income to the one getting the loan.  The lender must file an appropriate 1099 with the IRS.
986150
i dont believe you can cause you write off the interest when it comes to tax time and the people you rent from have to claim it but it shouldnt matter to you
972965
Sometimes student loan payments may be deferred for 12 months or more.   I don't know if it continues to accrue interest during that time, but at least the payments are postponed until you can get your feet on the ground.  \n\nAre your students loans through Sallie Mae?? They have a website that can help you or call them directly.  www.salliemae.com \n\nIt is not their responsibility to find you a job.  There are plenty of resources to help you do that on your own.
845836
school loans are not reportable on your taxes. The interest IS Deductible! School loans must be repaid and are not even chargeable in a bankruptcy.
90794
Yes, check with your lenders. It doesnt matter if your semester started or not as long as your enrolled. However b careful some lenders won't send the money directly to you but instead to the school.
729365
In the US you have to show a tax return.... Not sure about the UK or AU. Ask the financial aid office at the college.
273964
Not sure about CA rules, but Fed does allow you to deduct any education related expenses (up to a maximum).  This is tuition, fees, books, pencils, and computers, though they don't count any room & board.  You have the option of filing it out as a deduction (where you deduct it from AGI and calculate your tax afterward) or you can take the lifetime learning credit (where they give a break on the actual final tax amount that you owe).  The limit on the deduction is $4,000.  The credit is a calculation based on many factors.  \nIt will depend on several things such as income and other deductions as to which is more beneficial.  Calculate it both ways and figure out which nets you the best result.  For the computer, you can only deduct the % that you use for school, so if you also play around on it a lot, that % is not deductible (though it is nearly impossible for the IRS to refute the % you use).\nDon't forget that any student loans count toward the overall expense for the year.  Even though you don't have to pay them back immediately, you are taking on that liability.
402000
Since you're getting the money w/o tax withholding.  You should also look into paying estimated taxes.  Otherwise, if you owe taxes when filing tax return, you might get charged with interest for the tax payment due.
405361
Im guessing you got that notice in the mail from some consolidation company. If you've taken student loans, I would first consult with the financial aid office or the equivalent, or your personal bank and make sure it's not an adjusting rate as you pay it off.
890640
Dave, your principles bear no interest for me ;-)\n\nGetting back to the question, an interest-free loan to charity is not deductible.  There are a number of reasons for this, but just suppose your benefactor did not loan you the money, but invested it himself and donated the income to your foundation.  He would have offsetting items of income and deduction for zero net effect on taxable income.  The same result arises from the interest free loan:  No income, no deduction.\n\nAnd it's principAL, not principLE, in case you missed the joke.
946527
If you are asking about the money that the friend or family member lended you, I don't think there would be a tax consequence unless they asked for one when they loaned you the money.  Otherwise, I would look up New York State's government website and see what they have to say about loans and the taxation on that.  Good luck!