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Report All Income

Between internships, part-time jobs and salaried positions, as a first-time filer, you probably have several sources of income. Make sure to report all of your income for the year. If you were enrolled in college during the year and received financial assistance, check the rules on what types of financial assistance are taxable. In some cases, grant, fellowship or scholarship income may be taxable, generally if used to pay expenses other than tuition or if you were required to work in order to receive the scholarship. However, student loan proceeds will not be reported as income on your tax return.

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