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Anyone had to pay taxes on a scholarship before?

Discussion in 'BBS Hangout: Debate & Discussion' started by Ubiquitin, Apr 5, 2006.

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  1. Ubiquitin

    Ubiquitin Member
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    So I do not believe I owe any money on taxes from scholarship because I was required to pay room and board this school year. Has anyone reported their taxes on their scholarships? Also, since I already filled my 1040, what should I do?

    Er: Move this to the hangout, the BBS layout messed me up.
     
    #1 Ubiquitin, Apr 5, 2006
  2. CreepyFloyd

    CreepyFloyd Member

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    i dont think scholarships and grants are considered taxable income....fellowships, teaching assistantships, and research assistantships on the other hand are and you must report them
     
    #2 CreepyFloyd, Apr 5, 2006
  3. ChrisBosh

    ChrisBosh Member

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    i'm taking U.S tac here in Canada, so i have the answer for you :D ...finals are coming up so i know this one.

    Under Section 117 room and board are not eligible for exclusion from gross income for scholarships. It is limited to tuition, fees, books, supplies, and equipment required for courses.
     
    #3 ChrisBosh, Apr 5, 2006
  4. Ubiquitin

    Ubiquitin Member
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    BUT, room and board are required fees.
     
    #4 Ubiquitin, Apr 5, 2006
  5. ChrisBosh

    ChrisBosh Member

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    sorry man. but it is not an exclusion. i don't make up the rules :)
     
    #5 ChrisBosh, Apr 5, 2006
  6. ChrisBosh

    ChrisBosh Member

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    by the way it would have been better if you posted this in the Hangout. There are a few CPA's in here. I'm sure there are some tax specialists as well. I am just a student, so don't take my word for anything. There may be another exclusion to the rule which i have not covered in my course, so don't really rely on my conclusion.
     
    #6 ChrisBosh, Apr 5, 2006
  7. Dairy Ashford

    Dairy Ashford Member

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    I never had to pay taxes on grants or student loans.
     
    #7 Dairy Ashford, Apr 6, 2006
  8. ChrisBosh

    ChrisBosh Member

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    grants and student loans are not scholarships.
     
    #8 ChrisBosh, Apr 6, 2006
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