Money for College

Are scholarships taxable?

Many college students receive scholarships or fellowships to help pay for their education. If you are in college and received a scholarship or fellowship grant, there are a few key points to keep in mind. Qualified scholarships and fellowships are treated as tax-free and not included in taxable income if all of the following conditions are met:

  • You are a candidate for a degree at an educational institution.
  • The amount received as a scholarship or fellowship is used for tuition and fees required for enrollment or attendance at the educational institution, or for books, supplies, and equipment required for courses of instruction.
  • The amounts received are not a payment for services.

If the scholarship or fellowship received exceeds the cost of tuition, fees, books, or other qualified expenses listed above, the excess will be taxable.

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Thursday, 18th April 2019
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Tax Tips Personal

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    Your moving expenses may be deductible

    If you moved this year because of a change in your job location or because you started a new job, you may be able to deduct the reasonable expenses of moving household goods and personal effects to your new home. The expenses of traveling to the new home including lodging expenses, are also deductible. Meals, however, are not.

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Personal Quick Tip

  • Adjusting Withholding

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