Can I claim my student loans as income on my taxes? I had no job and lived soley on these funds.?

I am a divorced mother and have custody of my three children. I am trying to figure out how to show some income for the year so I can claim earned income credit or at least get a little refund.

You cannot claim them as income...nor would you want to...that would cost you money. If you lived soley on these funds with no income you actually do not have to file taxes at all. If you have income less than $7950 then you're exempt from filing if you meet the following criteria:

*****for the purpose of earned income credit, you can file even if you have less than what obliges you to file. EIC will begin to credit you at $1 earned, but it is a minimal amount ($10). The more income you can prove the more its going to increase until it starts to come back down. There are a number of special rules for eic but students aren't one of them. There are a number of things you may not have thought of for income for a student...I have listed it with the links below...

good luck

Why would you want to claim these on your taxes? Wouldn't you then have to PAY taxes on them?

Tags

　　Investment Account 　　Invest Money 　　Invest in Gold 　　Invest Fund 　　Income Fund 　　HYIP 　　High Yield 　　Hedge Fund

Related information

Being a "go getter"I am a single 28 yr old first time home owner, no debt ,Pharma sales rep90k annual income.

Standard investment advice is that you should invest in a diversified mix of stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks as individual stocks are too ri...

401K Investments?

You should learn more. The LA Times has an excellent introductory site to money and investing called the Money Library (free registration required). Until then, you would probably best be served ...

I have heard that our economy could go into a recession?

If this is your 401k, then keep buying. You are getting more for your money right now. When we get back to a bull market, the values on the bargains you get now are going to soar. It sounds like...

401K Sign Up?

My recommendation assumes you are rather young (under 40) and that your 401K does not charge load fees. I would allocate my money as follows. 75% Growth Fund of America 25% EuroPacific Growth F...

Just started my 401k where can i start a porfolio of all my choices?

go to the MFEA.COM that site gives you free morningstar infomation so you can figure out what you want to invest in from your choices you have in your 401K. Most places you do your own investments....

I have a small amount to invest but want aggressive return?

If you really want high risk - high reward, take the $10,000 and buy a seat at the World Series of Poker.

...

At a glance, I'm losing money?

it is an ira so the gains/loss are not subject to tax leave if be it will bounce back!!!

...

401k Profit Sharing Plan & Trust Allocation?

Very refreshing to see a young person who understands the value of their 401(k) plan. 7% is a good amount to start with. You're young enough that you want the majority of your money in stock...