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RICHMOND - Scholarship and fellowship recipients may need to include the monies received ;is taxable income when tiling a Federal U.S. Individual Income Tax Return, says the Internal Revenue Service.
Students who have received scholarship or fellowship money in the past, those who are currently receiving financial assistance, or are planning to apply for a scholarship or fellowship, need to know that the monies received may or may not be taxable income. Certain factors need to be considered when determining whether the financial assistance received should be included as taxable income.
Degree candidates may qualify to exclude from income all or part of a scholarship or fellowship grant they received after Aug. 16, 19K6.
The amounts that qualify as taxfree include payments that cover en
64.4%