0
Pell Grants are non-taxable
http://www.irs.gov/individuals/students/article/0,,id=96674,00.html
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Is Fuel assistance itaxable as income?
NO it is considered a federal grant and not part of taxable income. Usually payments are made directly to fuel suppliers, so the recipient never actually sees the money.
Student Tip: Understand Tuition Expenses?
Understanding one's tuition expenses and the source that pays them is essential for filing taxes. If you are using a grant to pay for your room and board in college, then this income may be considered taxable income. This is usually quite a surprise for students in college or grad school. A lot of students are under the impression that a grant is completely non-taxable income. The truth is that a grant is a form of income that may be taxed if it is not used for tuition or book expenses. If you have questions about your grant, then you should contact a tax professional.
What is the grant that is considered the foundation of federal financial aid?
Federal Pell Grant
on free grants do you pay taxes?
Texas has no income tax. For the IRS, if the grant is a restricted grant (like the cash for clunker award), no tax is owed. The grant is a reduction in purchase price (bargain purchase). If your grant is unrestriced (you can spend the money on anything you want), it is normally considered unearned income - you pay tax but not FICA (no Social Security / Medicare tax). If the grant is for education, it is non-taxable. You pick the school, but you pay it to them. You can't just keep the cash, buy some books, and study on your own. If you did, then the grant would be taxable.
What is the grant that is considered the foundation of financial aid?
Federal Pell Grant
What is considered the foundation of financial aid?
Federal Pell Grant
What is the grant considered the foundation of federal financial aid?
The Pell Grant!, i just took the quiz on apex
What grant is considered the foundation of financial aid?
The Pell Grant!, i just took the quiz on apex
The grant considered the foundation of federal financial aid is called the what?
The Pell Grant!, i just took the quiz on apex
What grant is considered the foundation of federal financial aid is called?
The Pell Grant!, i just took the quiz on apex
Does the equal credit opportunity grant privileges?
yes such as the federal income tax or the job union in the united states
Does the Equal Credit Opportunity Act grant privileges?
yes such as the federal income tax or the job union in the united states
