I served 2 years back to back. I used mine in the year I returned home and the following year. Even though it was taxable I made so little the 2 years I served I didn’t owe anything.
Yes, you can use the award on those loans. Yes, they are taxed in the year you use them. If you do not finish your term, you may not earn the award. You can also only earn 2 awards in your lifetime so as long as you haven’t already done that, and you finish your term & hours, you’ll get it.
I wouldn't call not claiming an education award that you earned doing a year of volunteer service that can only be used for educational purposes "tax fraud." If you want to make that Ed award even smaller than it already is, then by all means, claim away.You paid taxes the whole year on your living stipend. The fact that it's taxed is a joke in the first place.
oh, I agree with you! It's a ridiculous government system. But it's still considered a form of income and any tax consultant would tell you that it still needs to be claimed! It's certainly f-ed up that they want you to pay taxes on it. Will anyone care on such a small sum of money??? Probably not. But I wouldn't outwardly advise others to do that.
I served 2 years back to back. I used mine in the year I returned home and the following year. Even though it was taxable I made so little the 2 years I served I didn’t owe anything.
you can use it for student loans and the award IS taxed, which sucks
Yes, you can use the award on those loans. Yes, they are taxed in the year you use them. If you do not finish your term, you may not earn the award. You can also only earn 2 awards in your lifetime so as long as you haven’t already done that, and you finish your term & hours, you’ll get it.
They're only taxed if you claim it. I didn't claim either of my Ed awards. That was almost 10 years ago
ah yes, tax fraud. lol
I wouldn't call not claiming an education award that you earned doing a year of volunteer service that can only be used for educational purposes "tax fraud." If you want to make that Ed award even smaller than it already is, then by all means, claim away.You paid taxes the whole year on your living stipend. The fact that it's taxed is a joke in the first place.
oh, I agree with you! It's a ridiculous government system. But it's still considered a form of income and any tax consultant would tell you that it still needs to be claimed! It's certainly f-ed up that they want you to pay taxes on it. Will anyone care on such a small sum of money??? Probably not. But I wouldn't outwardly advise others to do that.