<p>I thought I would ask the parents this question since you would have the most knowledge. I am a single mother who files head of household and I get the earned income credit…will I recieve more taxes back at the end of the year because I am now attending college? Someone told me thay thought you get something extra. Thanks. also does your finacial aid count as income?</p>
<p>I’m not purporting to give professional advice, but…</p>
<p>Looking at the instructions for the 1040 for 2004, you can take a deduction of up to $4,000 for tuition and fees if your adjusted gross income is less than $65,000 (I assume you aren’t legally married and your parents don’t claim you as a deduction from your post). I’d suggest that to find out the details, you go to the <a href=“http://www.irs.gov%5B/url%5D”>www.irs.gov</a>. site and read the instructions for the 1040. </p>
<p>Financial aid which covers tuition isn’t considered income. Anything beyond that --and some fees of particular kinds-- is. So, if you get room and board or a living stipend or prize money etc. it’s taxable. Again, I’d suggest reading the instructions to the 1040. There are quirks to all of the foregoing…so looking at the instructions to the 1040 really is the best way to answer your questions. Well, an accountant would be even better…but you can read the instructions for free ; ) !</p>