{"id":833,"date":"2013-03-09T13:46:35","date_gmt":"2013-03-09T18:46:35","guid":{"rendered":"http:\/\/www.nw-cpa.com\/?p=833"},"modified":"2013-03-09T13:51:10","modified_gmt":"2013-03-09T18:51:10","slug":"taxable-scholarships","status":"publish","type":"post","link":"https:\/\/www.nw-cpa.com\/?p=833","title":{"rendered":"Taxable Scholarships"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/www.nw-cpa.com\/wp-content\/uploads\/2013\/03\/crop380w_tax_pic_receipts.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-834\" alt=\"crop380w_tax_pic_receipts\" src=\"http:\/\/www.nw-cpa.com\/wp-content\/uploads\/2013\/03\/crop380w_tax_pic_receipts-300x197.jpg\" width=\"300\" height=\"197\" srcset=\"https:\/\/www.nw-cpa.com\/wp-content\/uploads\/2013\/03\/crop380w_tax_pic_receipts-300x197.jpg 300w, https:\/\/www.nw-cpa.com\/wp-content\/uploads\/2013\/03\/crop380w_tax_pic_receipts.jpg 380w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><strong>Tax-Free Scholarships and Fellowships<\/strong><\/p>\n<ul>\n<li>A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution.<\/li>\n<li>A scholarship or fellowship is tax free only to the extent:<\/li>\n<li>It does not exceed your expenses;<\/li>\n<li>It is not designated or earmarked for other purposes (such as room and board), and does not require (by its terms) that it cannot be used for qualified education expenses; and<\/li>\n<li>It does not represent payment for teaching, research, or other services required as a condition for receiving the scholarship.<\/li>\n<\/ul>\n<h3><strong>Taxable Scholarships and Fellowships\u00a0<\/strong><\/h3>\n<p>If and to the extent your scholarship or fellowship does not meet the requirements described earlier, it is taxable and must be included in gross income. You can use <a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/p970.pdf\">Worksheet 1\u20131, Taxable Scholarship and Fellowship Income (pg 6)<\/a> to figure the tax-free and taxable parts of your scholarship or fellowship.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Tax-Free Scholarships and Fellowships A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution. A scholarship or fellowship is tax free only to the extent: It does not exceed your expenses; It is not designated or earmarked for other &hellip; <a href=\"https:\/\/www.nw-cpa.com\/?p=833\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Taxable Scholarships<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[62,399,61,60],"class_list":["post-833","post","type-post","status-publish","format-standard","hentry","category-federal-income-tax","tag-education-expenses","tag-federal-income-tax","tag-fellowship","tag-sholarship"],"_links":{"self":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=833"}],"version-history":[{"count":4,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions"}],"predecessor-version":[{"id":837,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=\/wp\/v2\/posts\/833\/revisions\/837"}],"wp:attachment":[{"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nw-cpa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}