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#1
03-07-2003, 06:49 AM
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Do I have to report student financial aid as income?What is the name of your state? California I'm claiming my daughter, a student, as a dependent. Do I have to report any financial aid(grants) she received from her school as income on my return? Or does she have to on her return (worked part time)? |
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#2
03-07-2003, 08:08 AM
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| For degree-seeking students, any amount of a scholarship (including athletic scholarships), fellowship, or grant which exceeds expenses for the following: - tuition - mandatory fees - books, and - required supplies or equipment is considered taxable income and is subject to federal tax. This is covered in IRS Publicaiton 520, which can be found at: [url]http://www.irs.gov/pub/irs-pdf/p520.pdf[/url]
__________________ There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution). Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport! |
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#3
03-11-2003, 02:15 PM
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| The excess scholarship income goes on line 7 of her return. You have to reduce the "eligible tuition & fees" for any education credits by the amount of grants/scholarships.
__________________ This post does not constitute legal advice, nor does it create an attorney-client relationship. Postings are based only on the information provided and you should consult an attorney in your area before relying on information contained in this post. |
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