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As I am preparing my 2014 tax return it looks like grants and scholarships are now considered income and taxable. Way to go Uncle Sam.
MA in progress
Certificate in the Study of Capitalism - University of Arkansas
BS, Business Administration - Ashworth College
Certificates in Accounting & Finance
BA, Regents Bachelor of Arts - West Virginia University
AAS & AGS
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Certain scholarships have always been taxable, such as graduate/research assistantship stipends and those covering non-tuition/mandatory fee expenses, such as room and board. My 50% scholarship from IU is tax-exempt, but my GA stipend is taxable. Worksheet 1-1 exists for this purpose.
CPA (WA), CFA Level III Candidate
Currently pursuing: ALM, Data Science - Harvard University, Cambridge, MA (12/48, on hold for CFA/life commitments)
MBA, Finance/Accounting - Indiana University, Bloomington, IN, 2015
BSBA, General Management - Thomas Edison State College, Trenton, NJ, 2012
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Posts: 1,253
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01-08-2015, 08:16 PM
(This post was last modified: 01-08-2015, 08:19 PM by videogamesrock.)
Yanji Wrote:Certain scholarships have always been taxable, such as graduate/research assistantship stipends and those covering non-tuition/mandatory fee expenses, such as room and board. My 50% scholarship from IU is tax-exempt, but my GA stipend is taxable. Worksheet 1-1 exists for this purpose.
What I have noticed this year, compared to last year , grants such as Pell are being treated as income and are subject to income tax.
MA in progress
Certificate in the Study of Capitalism - University of Arkansas
BS, Business Administration - Ashworth College
Certificates in Accounting & Finance
BA, Regents Bachelor of Arts - West Virginia University
AAS & AGS
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