If you do not receive this document through your financial aid portal, via email or mail, please contact your financial aid office. If you receive private scholarships that can be used for living expenses, let your college financial aid office know. You can talk with your financial aid advisor about deferring part or all of your scholarship to a year when your taxable income may be lower.
Setting this up may require a professional financial adviser, but funds also avoid some of the tax penalties that can affect scholarships. For more on scholarship taxation, and what Scholarship America is doing to address the issue, check out this post. To help you figure out the taxability of your scholarships or emergency grants, consult our infographic. Resources Our Blog From thought leadership to incredible stories of student success, this is where you can get informed or get inspired about scholarships and the educational journey.
The Big Questions About Scholarship Taxability By Matt Konrad Updated March Throughout the school year, thousands of students and families have dealt with new circumstances and changed plans. Most of the time, students working toward degrees at a college, university, or other accredited educational institution can avoid paying taxes on at least some of their scholarship funds.
Some scholarship funds are subject to taxation , however. If you have scholarship money left over after covering your qualified education expenses, you must include that amount as part of your gross taxable income.
That means scholarship money used to pay:. If, for example:. Payment for services at a military academy also count toward your taxable income. You can report your taxed scholarship income using Form Remember, with TurboTax , we'll ask you simple questions about your life and help you fill out all the right tax forms.
Whether you have a simple or complex tax situation, we've got you covered. Amounts received as payments for teaching, research, or other services required as a condition for receiving the scholarship or fellowship grant. However, you don't need to include in gross income any amounts you receive for services that are required by the National Health Service Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, or a comprehensive student work-learning-service program as defined in section e of the Higher Education Act of operated by a work college.
How to Report Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form or Form SR , include the taxable portion in the total amount reported on the "Wages, salaries, tips" line of your tax return.
If the taxable amount wasn't reported on Form W-2, enter "SCH" along with the taxable amount in the space to the left of the "Wages, salaries, tips" line. Terms and conditions apply. LendKey: Refinancing via LendKey. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website.
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