Hi if my son received a full scholarship of tuition and fees, he wouldn’t be eligible for any income tax credits, so I wouldn’t need to file this on my taxes, correct?
correct - if nothing is spent on tuition than there is nothing to report
If he had any financial aid then he’ll get something back. I know because I did.
If student receives scholarships and grants that are more than tuition, fees and books, then the excess is taxable income to the student.
If the scholarships only cover tuition and fees then there are no taxable scholarships, and student could claim book expense for an education credit.
Stugace, that makes no sense at all. If you get ‘any’ financial aid does not mean you’ll get a tax refund at all. If you get an excess amount of financial aid, you may be taxed on it. It you haven’t paid anything to in tuition, there is no credit to take.
There are a lot of requirements for education credits and tax refunds. Not all qualify.