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Kind of an odd question, but do you have to report fee waivers that you utilize as some kind of benefit/income on your tax forms? Why or why not?

I wouldn't think so.

cinephile wrote:I wouldn't think so.

I wouldn't either, but why not?

It's not income. You don't report the money you would have paid by buying something on sale, either.

andythefir wrote:It's not income. You don't report the money you would have paid by buying something on sale, either.

But don't you report prizes you have won?

No. You do have to report things like loan forgiveness because it's considered income. You only have to report prizes/lotto/ect above a certain amount, I believe it's $2,000, but I'm not positive. It is a form of need based financial aid. You wouldn't report your food stamps for example as taxable income. Also I don't know how you'd get more than $1000 of value out of the waiver.

mala2 wrote:No. You do have to report things like loan forgiveness because it's considered income. You only have to report prizes/lotto/ect above a certain amount, I believe it's $2,000, but I'm not positive. It is a form of need based financial aid. You wouldn't report your food stamps for example as taxable income. Also I don't know how you'd get more than $1000 of value out of the waiver.

If I'm not mistaken, a series of small awards would need to be reported if they total whatever the minimum threshold is. So even if you would not include one or two, if use 12-14 of them, they might reach 1000 dollars.

Also, food stamps are not analogous because they are expressly for low income families.

It's not an award or prize it's a waiver. The school is giving you something free in the hopes that you will bite and then (hopefully) buy a lot more ($150,000+).

If the local grocery store gives you a sausage sample, you don't have to report the amount for taxes.