Tag Archives: scholarships
The answer is possibly. Scholarships can be partially tax-free, while some of the funding is considered taxable. It depends on how the funds are allocated. If you are a full or part-time student working toward a degree at an eligible educational institution, including primary, secondary or post-secondary schools, then your scholarship is likely tax-free. There […]
— Read moreJust because you are a fulltime student doesn’t mean you are automatically exempt from filing a tax return or reporting your income. If you didn’t have enough withheld during the year, you may owe a surprising amount of taxes. If you don’t have to file a return, you still should, as you may be entitled […]
— Read moreIt can be a great feeling to get a scholarship or grant to help fund your education. A scholarship is typically an amount paid to a student for a specific institution for study. A fellowship grant is similar, except that the money paid can be used for the purpose of study or research. There are […]
— Read moreIf you’re trying to determine the difference between taxable and non-taxable income, you should remember one basic fact: All income not specifically excluded by law is taxable. Basically, any money you receive in the form of work wages or tips is taxable. Additionally any income that you gain from property or services, whether cash or […]
— Read moreFor those paying for their education, there are a few tax credits that can help decrease the amount owed. The American Opportunity Credit and the Lifetime Learning Credit are available to those responsible for education expenses, such as tuition, fees, textbooks, supplies, and equipment. Some incurred expenses, like insurance, transportation, and personal fees aren’t eligible […]
— Read more
