You do not need to list your student loan refund anywhere on your tax return. Because the money is borrowed, not earned, it is not income.

Does Illinois have student loan forgiveness?

Illinois has several student loan forgiveness programs that are specific to just the State of Illinois. However, residents of the State of Illinois can also potentially qualify for various Federal student loan forgiveness programs.

Is federal student aid financial aid?

Federal Student Aid, an office of the U.S. Department of Education, may be able to help you get the financial aid you need for college. We provide more than $150 billion in financial aid every year. Federal Student Aid offers three types of financial aid. Grants: Financial aid that generally doesn’t have to be repaid.

Do scholarship refunds count as income?

I received a refund from my school for a scholarship that was paid back to me as a check. Should that be filed as a form of income? Yes. It’s taxable to you the student and must be reported.

What are examples of federal student aid?

A variety of federal grants are available, including Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Teacher Education Assistance for College and Higher Education (TEACH) Grants, and Iraq and Afghanistan Service Grants.

Do you have to file taxes as a student in Illinois?

Students are not exempt from tax nor are there special residency provisions for you. However, income, such as certain scholarships or fellowships, that is not taxable under federal income tax law, is also not taxed by Illinois. I do not think I owe tax, so why should I file a return?

Is it possible to get a tax refund in Illinois?

It is possible to owe Illinois and receive a refund from the IRS. Does Illinois have a standard deduction for individual tax filers like the federal tax return? No, but if you can claim yourself on your tax return you will be allowed a $2,175 exemption.

Can You claim exemption for yourself in Illinois?

Illinois allows you to claim your own exemption on your state return if you claimed an exemption for yourself on your federal return. When I completed my Illinois tax return I found I owe the state.

Can you file your Illinois tax return electronically?

This is the first year I am filing an Illinois tax return. Can I file electronically? If you are a first-time IL-1040 filer you will have the option to file your income tax return using either the tax preparation software or the MyTax Illinois method.