Wednesday, February 16, 2011

Scholarships and Taxes

"Scholarships and grants are not part of income for taxation or subject to social security when spent on tuition or fees, books, supplies, or equipment required for courses. A tax liability situation may arise from scholarship funds that are used to pay for room and board, or exceed the amount spent for tuition, fees etc."

Taken from an article written by Jerald R. Gober for the New Accountant.

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