Are scholarships tax-free or taxable?

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Are scholarships tax-free or taxable?

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October 17, 2023

taxable scholarship

With the rising cost of college, many families are in search of scholarships to help pay the bills. If your child is awarded a scholarship, you may wonder about how it could affect your family’s taxes. Good news: Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school or an accredited vocational school. It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition.

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Scholarships are usually tax free but they may result in taxable income

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August 10, 2021 ,

scholarship tax

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition.

Continue Reading: Scholarships are usually tax free but they may result in taxable income

Are scholarships tax-free or taxable?

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July 28, 2020 , ,

taxable scholarships

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications.

Continue Reading: Are scholarships tax-free or taxable?