answersLogoWhite

0


Best Answer

you don't have to report scholarships used for tuition and

course-related expenses

== ans ==

The prior response is wrong.

Scholarships and grants may not be taxable, but the are absolutely reportable.

Not reporting them (correctly) may make them taxable, with penalties and interest in fact.

The way to determine what you need to do, especially as the terms get applied to things that may not qualify, or may actually qualify as certain types, or a rant Vs a scholarship Vs a stipend, Vs etc., (needing different reporting) is:

http://www.irs.gov/publications/p970/ch01.html

A "plain English" publication of the IRS that explains it, and gives examples fully.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: How would you report a college scholarship for tuition expenses on your tax return?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Accounting

What is a form IRS Form 1098T?

IRS Form 1098-T is a Tuition Statement information return. Form 1098-T is used by eligible educational institutions, such as a college or university, to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. The student or person who can claim the student as a dependent may be able to claim an education credit of Form 1040 for the qualified tuition and related expenses that were paid.


What is revenue expenses report?

It is a listing of all revenue/expenses incurred by the business during a set period. It shows areas of growth and areas that are lagging within the business.


What is cash flow statment?

A cash flow statement seeks to project or report cash flows after expenses that could be used for debt service or retained earnings.


Do you have to pay tax on car allowance?

if it is strictly considered a reimbursement for using your vehicle for business use then you will not be responsible to pay taxes or even report this as income. If however, it exceeds the cost of using your vehicle for business then you will have to report this as income. For this reason you need to keep a log just like you would for deducting unreimbursed business expenses. This would be necessary in case your return was ever examined by the IRS so that you could show that through mileage or actual expenses you were reimbursed less than you would have been able to deduct if you itemized expenses. Do not take a deduction on form 2106 and receive an allowance.


How do you write a letter explaining late submission of expense report?

You would simply write explaining the reason for the delay. Add an apology for late submission and with hope that the expenses will be covered in the next reporting period.

Related questions

Should I report a scholarship used for tuition if I am a degree candidate?

Yes


What is the Fox News college Challenge?

It is a challenge where you can win a $10,000 scholarship. It had the participants report, shoot, edit, a news program. It is only for people in the age range of high school/college.


What is a form IRS Form 1098T?

IRS Form 1098-T is a Tuition Statement information return. Form 1098-T is used by eligible educational institutions, such as a college or university, to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. The student or person who can claim the student as a dependent may be able to claim an education credit of Form 1040 for the qualified tuition and related expenses that were paid.


What is ideal expenses?

Ideal expenses are those expenses that are theoretical estimated when one is preparing the feasibility report.


What are scholarships that are being offered to college students in 2013?

Some scholarships that are being offered to college students in 2013 are Book Industry Charitable Foundation (Binc) Scholarship Program, CBCF General Mills Health Scholarship Program, Great Lakes National Scholarship, ING Unsung Heroes, MathMovesU Grants for Teachers and Schools: Math Hero Award Program and AXA Achievement Scholarship in Association with U.S. News and World Report. There are about 20 more scholarships currently open to students in 2013.


What is a revenue expenses report?

A revenue expenses report is a listing of all expenses an organization incurred during a specified period, usually a month, quarter, or a year. One example of n expense is rent, utilities, etc.


What has the author Ben Kaplan written?

Ben Kaplan has written: 'The Scholarship Scouting Report' 'Essay Boot Camp (ScholarshipCoach.com College Cash Construction Set Series)' 'Teaching and Education Scholarships That Totally Rock!'


Do federal student grants count as income on the FAFSA?

Because it is a part of the family support that helps pay some of the necessary living expenses.


What is management report?

A management report can consist of different things depending on what needs to be known. This type of report can be about things like, products, expenses, and productivity.


A company will always report a profit if?

Any firm will be in profit when it cover all its costs and expenses i.e. when incomes overcome expenses.


What does RD mean on a college transcript?

RD on a college transcript stands for Report Delayed.


What is the meaning of business report writing?

A business report is needed in most companies. This is the way that the company can keep track of their expenses and other important information.