2007-01-31 06:28:13 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If it was used to pay for tuition, fees, books, equipment, or supplies, then no. If is was used to pay for room, board (food), or anything else, then yes...it is considered ordinary income. Check out page 5 of the attached IRS document for a complete answer.
2007-01-31 06:43:02 · answer #1 · answered by TaxMan 5 · 1⤊ 0⤋
Do you have to claim college scholarship money when filing your taxes
http://scholarshipfaqs.net might help
2016-03-22 23:08:31 · answer #2 · answered by ✔ Sandy 5 · 0⤊ 0⤋
some college scholarship money is taxable. You should recieve a form from that institution advising you that this information is being supplied to the IRS.
good luck & blessing
2007-01-31 07:00:21 · answer #3 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋