Ask a CPA

No. If the parents are not legally obligated to repay the loan they cannot deduct any interest the dependent pays.

Minimum distributions must be made by April 1 the year after the year you turn 70 and a half.
After the first distribution, minimum distributions must be made by December 31 each year.
Step 1 is to Access the proper life expectancy table. Life expectancy tables are in Appendix C of IRS PUBLICATION 590. Table 1 is for use by one beneficiary. Table 2 is for IRA owners whose spouse is more than 10 years younger than the owner and the spouse is the sole beneficiary. Table 3 is for anyone else.
Step 2 is to Find the appropriate life expectancy amount to determine distribution period.
Step 3 is to Divide the IRA account balance from December 31 of the prior year by the distribution period to calculate the minimum distribution for the period.

If you are a U. S. citizen or resident for tax purposes, who received fellowship amounts for studying, teaching or researching in the U. S., then see IRS Publication 970, Tax Benefits for Education, which is available at http://www.irs.gov/publications/p970/index.html
If you are a U. S. citizen or resident alien for tax purposes, who received fellowship amounts for studying, teaching or researching outside the U. S., then see Publication 54, Tax Guide for U. S. Citizens and Resident Aliens Abroad, which is available at http://www.irs.gov/pub/irs-pdf/p54.pdf.
If you are a nonresident alien for U. S. tax purposes, who received fellowship amounts for studying, teaching or researching in the U. S., then see Publication 519, U. S. Tax Guide for Aliens, which is available at http://www.irs.gov/pub/irs-pdf/p519.pdf.

Liquidating distributions, sometimes called liquidating dividends, are distributions you receive during a partial or complete liquidation of a corporation.
These distributions are, at least in part, one form of a return of capital.
They may be paid in one or more installments.
You will receive Form 1099-DIV from the corporation showing you the amount of the liquidating distribution in box 8 or 9
When a liquidating dividend occurs, it is considered to be a return of capital and not profit.
If the distribution is more than your basis, you would have to report the difference as a capital gain. If the distribution is less than your basis, you may be able to claim a capital loss.

Fellowship amounts are nontaxable where:
The recipient is an individual, who is a candidate for a degree at an educational organization (i.e., undergraduates or graduate students, but not post graduate); and
The fellowship amount is used for "qualified tuition and related expenses."
Qualified tuition and related expenses include tuition and fees required for the enrollment or attendance of a student at an educational institution, This would include fees, books, supplies and equipment required for courses of instruction at such an educational organization.
Fellowship amounts are taxable where:
Amounts are used for room, board, travel, clerical help, equipment, incidental living expenses and other expenses not required for enrollment in or attendance at the University.

Yes. All income recived by you must be reported on your tax return regardless if you did not receive a 1099-Misc.

You cannot claim a tax deduction for time spent on a job where you did not get paid. All materials used and payroll paid to employees’ on the job will be expensed.

You cannot deduct the value of blood given at a blood bank.

You cannot deduct the value of your time or services rendered to your charitable organization.

A tax credit reduces the amount of tax for which you are liable. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces your tax liability, dollar for dollar.
A tax credit is usually more valuable than a tax deduction of the same dollar amount. There are two categories of tax credits, refundable and nonrefundable.
A nonrefundable credit can reduce your tax liability to zero (0), but not below.
A refundable tax credit is a tax credit that can reduce your tax liability below zero and the amount in excess of the liability is refunded to you.