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booboo61
Level 1
February 8, 2024
Question

scholarship exceeds tuition on a grad student is that reportable income?

  • February 8, 2024
  • 2 replies
  • 9 views
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    2 replies

    dkh
    dkh
    Level 15
    February 8, 2024

    Here is link to IRS info that may help  https://www.irs.gov/taxtopics/tc421

     

    and this is what Google says 

    How do I know if a scholarship is taxable?
     
    In general, scholarship funds cannot be treated as taxable income as long as you're (a) pursuing a degree and (b) using the funds for tuition, fees or anything else that the IRS considers a “qualified education expense.” Those include books and supplies that are required for your program of study.
      itonewbie
      itonewbie
      Level 15
      February 8, 2024

      Agree with @dkh.  You may like to find out a bit more from your client what that "scholarship" consists of.  Perhaps there's a taxable stipend or service element?  But then again, I'd think most institutions are on the ball with their reporting.

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