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- Oct 8, 2003
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I am 100% dependent on FA - I receive the max amount that my school has totalled up for tutition, fees, room and board, books, and living expenses.
25% of the money is a state scholarship.
The rest is gov. loans.
According to the IRS, scholarships are taxable if if they are used for travel, room and board.
The IRS says that room and board and "other similar" expenses are NOT taxable.
At my school, all the money goes to them (scholarship included) and then they cut me check 2x a year for rent, books, living expenses, etc. There really isn't any way for me to know what the scholarship money goes to since it bascially goes into a one big pot....It sounds to me that the scholarship money is not taxable, but could someone clarify....I'm starting to read the fin print in the IRS 970 form, but it seems like they make the assumption that you know specifically what every dollar of your aid goes to.
25% of the money is a state scholarship.
The rest is gov. loans.
According to the IRS, scholarships are taxable if if they are used for travel, room and board.
The IRS says that room and board and "other similar" expenses are NOT taxable.
At my school, all the money goes to them (scholarship included) and then they cut me check 2x a year for rent, books, living expenses, etc. There really isn't any way for me to know what the scholarship money goes to since it bascially goes into a one big pot....It sounds to me that the scholarship money is not taxable, but could someone clarify....I'm starting to read the fin print in the IRS 970 form, but it seems like they make the assumption that you know specifically what every dollar of your aid goes to.
