Tagged with qualified scholarships in our Blog
So you have received a grant or scholarship, congrats! Now for the question on everyone's mind: Are taxes going to deplete my "free money"? According to the US Master Tax Guide, scholarships and fellowship grants are not considered income. Any amount of money which is received as a qualified scholarship is excluded from an individual's gross income, provided this individual is a candidate for a degree at a qualified educational organization. The organization must maintain a regular faculty, curriculum, enrollment, and activities. What is a qualified scholarship? Any amount of money received by an individual as a scholarship or fellowship… Read more here!