I am currently in the Air national guard and using my gi bill for school. So my actual income is under $4000 since the gi bill pay is not considered income. With my 3 kids i could get a good amount back if i had more taxable income, is there any way to make the gi bill or fasfa money into taxable income?

“With my 3 kids i could get a good amount back if i had more taxable income, is there any way to make the gi bill or fasfa money into taxable income?”======> GI Bill payments are not taxable income. If you had other income such as wages or investment dividends, a tax return may need to be filed but the cash benefits received through the GI Bill are tax-free and do not need to be claimed. You will not receive a W-2 from the VA. While GI Bill payments are considered to be untaxable income, youmust still report the payments as income on your FAFSA to qualify for additional student aid.
In the case of FASFA, in order for the scholarship proceeds to be considered taxable, expenses must be used to cover Room and board, travel expenses, research and clerical assistance that are not considered qualifying expenses.ALSO, if your financial aid was ever forgiven and you did not have to pay it back then the financial aid would be taxable.

sorry for my misleading; NOTE:even edu assistance from the VA are still tax exempt , evn if paid for living exepenses, nonqualified exp.