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The Internal Revenue Service recently announced that college students who receive a scholarship or fellowship may find that part of their grant is now taxable.
“The Tax Reform Act of 1986 changed some of the rules affecting scholarships and fellowships,” explained Gerard R. Esposito, IRS District Director in Richmond. “Beginning this year only degree candidates can exclude from tax amounts received as a qualified scholarship. A qualified scholarship includes amounts used for tuition, fees, books and supplies required for courses. Other amounts s»'*h as those received for room and board or travel are no longer excludable,” Mr. Esposito said.
Under previous law a degree
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88.0%