Is my scholarship taxable?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
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EBGB
Posts: 45
Joined: Tue Apr 06, 2010 11:57 am

Is my scholarship taxable?

Postby EBGB » Wed Apr 28, 2010 12:33 pm

I received a scholarship from my school, and in looking at http://www.irs.gov/individuals/students ... 74,00.html it looks like it SHOULDN'T be taxed since it'll only be applied to tuition/fees. However, I need to be sure so that in determining how much of a loan I take, I take enough to cover taxes in the event I'm required to pay them. I called the school financial aid office, and they said they can't answer any tax questions. That's fair, since they aren't qualified to technically give out tax advice. It would just be nice if they directed me to some who IS qualified to do that. Does anyone know where I can find out whether or not my scholarship is taxable?
Last edited by EBGB on Wed Apr 28, 2010 12:37 pm, edited 1 time in total.

savesthedayajb
Posts: 528
Joined: Thu Oct 23, 2008 8:21 pm

Re: Is my scholarship taxable?

Postby savesthedayajb » Wed Apr 28, 2010 12:36 pm

Usually when it comes to education, nothing is really taxable. Hell if you are in school, you get a huge tax write off for that year.

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The Dan
Posts: 107
Joined: Mon Oct 26, 2009 8:48 pm

Re: Is my scholarship taxable?

Postby The Dan » Wed Apr 28, 2010 12:40 pm

Scholarships that cover tuition and mandatory fees (including the cost of books) are not taxable. Scholarships that include stipends for living expenses are taxable in the amount in excess of tuition and fees. Loans to cover living expenses in school are not taxable.

Renzo
Posts: 4265
Joined: Tue Dec 02, 2008 3:23 am

Re: Is my scholarship taxable?

Postby Renzo » Wed Apr 28, 2010 12:56 pm

The Dan wrote:Scholarships that cover tuition and mandatory fees (including the cost of books) are not taxable. Scholarships that include stipends for living expenses are taxable in the amount in excess of tuition and fees. Loans to cover living expenses in school are not taxable.

Yep.




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