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If your teen received any scholarship money or grants to attend a college or university, you might be wondering if that income is taxable. As with so many things related to teenagers and taxes, the...
Certain scholarships and grants: You typically won’t have to pay taxes on scholarships or grants, provided that money is used for a qualified academic program’s tuition, fees or other course ...
In most cases, college scholarships are not taxable. Read on to learn more about whether scholarships are taxable and if so, how to prepare for this unexpected expense. Are scholarships taxable?
Starting with tax year 2009, the Hope credit had been supplanted by the more generous American Opportunity Tax Credit. This credit allows for the first $1,200 in "qualified tuition and related expenses," as well as half of qualifying expenses between $1,200 and $2,400, to be fully creditable against the taxpayer's total tax liability.
Form 1098-T for the 2016 tax year. Form 1098-T, Tuition Statement, is an American IRS tax form filed by eligible education institutions (or those filing on the institution's behalf) to report payments received and payments due from the paying student. The institution has to report a form for every student that is currently enrolled and paying ...
However, paying room and board may cause the grant to count as taxable income. On the other hand, business grants are often taxable unless the organization receiving the money is a 501(c)(3 ...