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A scholarship is generally an amount paid for the money for tuition and course-related ex- the benefit of a student at an educational in- Example. You receive a scholarship from penses.
Scholarships, fellowship grants, and other grants are tax-free if you meet the following conditions: The amounts you receive are used to pay for tuition and fees required for enrollment or attendance at the educational institution, or for fees, books, supplies, and equipment required for courses at the educational institution.
Your scholarship or fellowship may be tax free. If your scholarship is tax free, do not in-clude it in income on your tax return. If your only income is a tax-free scholarship, you do not have to file a return. If all, or any part, of your scholarship is not tax free, it is your taxa-ble income. See How To Report, later.
This publication covers the rules for scholar-s hips, fellowships, and tuition reductions. These a mounts are tax free if they meet the rules dis-c ussed in this publication.
The IRS has a Tax Counseling for the Elderly Program which offers FREE tax help to individuals who are aged 60 or older. Trained volunteers from non-profit organizations provide free tax counseling and basic income tax return preparation for senior citizens.
The Internal Revenue Service (IRS) Publication 520 covers the rules for the taxation of student payments. The publication states that the part of any grant, scholarship, or fellowship that represents payments for teaching, research or any other service is taxable to the student.
Additional information and examples regarding scholarships and fellowships can be found in the Internal Revenue Service Publication 520 available at http://www.irs.gov/formspubs/. Taxpayers are required to file a tax return with the Internal Revenue Service if their gross income is $7,700 (single), $13,850
