Comments on: 4 Dirty Little Scholarship Secrets http://myusearchblog.com/4-dirty-little-scholarship-secrets Honest college information -- choose, apply, get into and pay for college. Sat, 13 Mar 2010 16:03:55 +0000 http://wordpress.org/?v=2.3.2 By: Jim http://myusearchblog.com/4-dirty-little-scholarship-secrets#comment-599 Jim Fri, 10 Oct 2008 16:52:42 +0000 http://myusearchblog.com/4-dirty-little-scholarship-secrets#comment-599 "If the scholarship is used for anything other than tuition, fees and required supplies, it becomes taxable to the recipient! Room and Board, Travel, books, or equipment and other expenses that are not directly required for enrollment do NOT qualify for the tax-free exclusion." The way you state this is a bit confusing, sorry. Officially, according to the relevant IRS publication, this is what is considered non-taxable: "...amounts the student receives as an academic scholarship or fellowship that are used for tuition and fees required for enrollment or attendance at the college, or for books, supplies, and equipment required for college courses of instruction." So, it's tuition, fees, and necessary books, supplies, and/or equipment used for college courses of instruction. Just though I'd clarify. ;) “If the scholarship is used for anything other than tuition, fees and required supplies, it becomes taxable to the recipient! Room and Board, Travel, books, or equipment and other expenses that are not directly required for enrollment do NOT qualify for the tax-free exclusion.”

The way you state this is a bit confusing, sorry.

Officially, according to the relevant IRS publication, this is what is considered non-taxable:

“…amounts the student receives as an academic scholarship or fellowship that are used for tuition and fees required for enrollment or attendance at the college, or for books, supplies, and equipment required for college courses of instruction.”

So, it’s tuition, fees, and necessary books, supplies, and/or equipment used for college courses of instruction.

Just though I’d clarify. ;)

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