SCHOLARSHIPS AND TAXES: EVERYTHING YOU NEED TO KNOW

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[{"selector":"#anim-1330ebcb-c57b-4e3c-854d-d6af7cfcdc47","keyframes":{"opacity":[0,1]},"delay":100,"duration":1700,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3782e0df-1a57-4525-8cd0-296618036ecc","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4dc1bd9b-5a4e-4050-ae8e-15b6d4b2bde8","keyframes":{"transform":["translate3d(0px, 127.41254%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] There are only two scenarios students and their families need to contend with, making it simpler to figure out whether the Internal Revenue Service (IRS) considers the award income. Learn more

Taxes on scholarships are based on how the money is used. That means all awards can potentially be tax free scholarships. However, any award could also be subject to a scholarship income tax.

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[{"selector":"#anim-164d670b-feb3-4e81-b43e-b741f622037d","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1e545e5e-69f9-40ca-b2e6-7ee665970f15","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-09dcf265-8c91-4f1c-a443-5d1b54c98208","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cae56458-149d-42ca-a8a8-24816a0928a4","keyframes":{"transform":["translate3d(-122.45614%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] In most cases, your student doesn’t have to pay taxes on college scholarships if the cash is spent on qualified educational expenses (based on the IRS definition). Learn more

[{"selector":"#anim-a9ebec0e-b29e-4c99-980b-956aec97fcae","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fa48512c-3c5f-4502-9696-d50a6fbfa8c3","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e25b666-16f3-4a1f-9835-5a96294e3206","keyframes":{"opacity":[0,1]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-398482bf-0699-473b-8f92-187f6a5c178e","keyframes":{"transform":["translate3d(-116.82848%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a20dcc7a-0d2c-40bf-a773-a9046c0810d5","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9a9fad77-7bdd-4146-bdbd-b7d51843105a","keyframes":{"transform":["translate3d(-121.25436%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] QUALIFYING EDUCATIONAL EXPENSES - Tuition - Fees (including mandatory student activity fees) - Books - Equipment and Supplies (listed as must-haves for the course) Learn more

[{"selector":"#anim-e3f97ce3-629b-4ef8-bba9-eda97d22f5c0","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5dba0be4-42de-482a-b0cf-e45a0ec44b5a","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bd9d8698-43a3-48dd-8cda-bd0e4f161109","keyframes":{"opacity":[0,1]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-66d0d1ad-839d-4756-97c7-43fd4c727086","keyframes":{"transform":["translate3d(-115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cd4e2be1-b0a9-46fa-9da8-1b08710f67e5","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ab62862a-a0e9-4b04-a4a4-911853a35b2c","keyframes":{"transform":["translate3d(-118.89251%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] TAXABLE SCHOLARSHIP FUNDS - Room and Board - Insurance - Medical Costs - Transportation - Utilities - Equipment or Supplies not Required for the Course - Other Living or Personal Expenses Learn more

[{"selector":"#anim-0ccce4df-5427-4abd-929f-634428bfaaf9","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9989f275-e97c-4c67-91fb-bfa08f0ca057","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b6d5b1e5-7ea5-4639-a46e-1fd12bca25d9","keyframes":{"opacity":[0,1]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f8dcc170-a4fa-4a68-b632-2c994a9bcc68","keyframes":{"transform":["translate3d(-115.48388%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":390,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6377ffcf-e06e-420e-be6b-a6e1b99c3e16","keyframes":{"opacity":[0,1]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-009b1c90-a230-48d2-855e-53df94ef0b94","keyframes":{"transform":["translate3d(-119.06354%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] TAXABLE STIPEND SCHOLARSHIPS A stipend is money given in exchange for a service. For example, if your student receives a scholarship in exchange for assistant teaching a class, that money is income and therefore taxable. Learn more

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