Saturday, December 10, 2011

Do I have to report my scholarship for college as taxable income?

I recently received a scholarship from a professional organization for about $5,000. They just sent me a check for it so the school never saw it. The scholarship was not listed on my 1098-T. My tuition was larger than this amount, and I know that if the scholarship was used for tuition, books, or fees than it is not taxable. But my parents paid the majority of my tuition (about $6,000). My tuition and fees added up to about $6,686. My parents paid my tuition directly so they could be able to take The Hope Learning credit. I wasn't sure if since my parents paid for a portion of the tuition if I would have to pay taxes on part of the scholarship. I also wasn't sure if there is even any way for the IRS to know that I received the scholarship, since I did not receive a 1099. Any help that you could give on what I should do would be appreciated. Thank you!

No comments:

Post a Comment