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I am a full time student in Arizona with 2 children. can I

Customer Question
claim my student loan money...
I am a full time student in Arizona with 2 children. can I claim my student loan money as income so that I may receive the earned income credit for the kids and make me eligible to file
Submitted: 5 years ago.Category: Tax
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4/1/2012
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,853
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

I'm sorry but student loan money is not "earned income", therefore you will not be able to classify it as earned income on your tax return.

------------------------------------------

Earned income includes all the taxable income and wages you get from working.

There are two ways to get earned income:

You work for someone who pays you
or
You work in a business you own or run

-------------------------------------

Taxable earned income includes:

Wages, salaries, tips, and other taxable employee pay;
Union strike benefits;
Long-term disability benefits received prior to minimum retirement age;
Net earnings from self-employment if
you own or operate a business, or
you are a minister or member of a religious order ( see Special Rules page for more information);
Gross income received as a statutory employee.

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
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Customer reply replied 5 years ago
So does this mean I can not get EIC for my kids while I am a full time student. If so how much money would I have to make to be able to file and get the EIC
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 years ago
Hello again,

To qualify for EITC you must have earned income from employment, self-employment or another source and meet certain rules. Also, you must either meet the additional rules for workers without a qualifying child or have a child that meets all the qualifying child rules for you. There is no minimum amount that you have to earn to qualify for the credit.

You can refer to the following IRS webpage for EITC Income Limits, Maximum Credit Amounts and Tax Law Updates.

http://www.irs.gov/individuals/article/0,,id=150513,00.html

Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,853
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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