Do you have to claim college scholarship money when filing your taxes?

Question:

Answer:
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.

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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

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