2006-10-12 06:42:09 · 4 answers · asked by ylnerk 2 in Business & Finance ➔ Taxes ➔ United States
Not if it's from the government.
2006-10-12 06:43:18 · answer #1 · answered by swordsdragonsanddietcoke 2 · 0⤊ 1⤋
If you received a scholarship or fellowship, all or part of it may be taxable, even if you did not receive a Form W-2. Generally, the entire amount is taxable if you are not a candidate for a degree.
If you are a candidate for a degree, you generally can exclude from income that part of the grant used for:
* Tuition and fees required for enrollment or attendance, or
* Fees, books, supplies, and equipment required for your courses.
Taxable scholarships are reported on line 7 of Form 1040 or Form 1040-A or line 1 of Form 1040-EZ. If you did not receive a Form W-2, please write "SCH" and the taxable amount to the left of the line.
2006-10-12 11:09:13 · answer #2 · answered by RamsGod 3 · 0⤊ 0⤋
If they are purely for tuition and fees and books, no. If they are for a living expenses or stipend, yes.
2006-10-12 06:43:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes why not which is called income tax
2006-10-12 06:44:38 · answer #4 · answered by apurba s 3 · 0⤊ 1⤋