Does Scholarship Money Count as Taxable Income?

Answer Scholarship money will only count as taxable income if your total scholarship money exceeds your qualified expenses, which include your tuition costs and fees. Scholarships that pay for room and bo... Read More »

Top Q&A For: Does Scholarship Money Count as Taxable Income

Who must report taxable scholarship income?

You must report scholarships as taxable income when you use the money for anything other than tuition, fees and required supplies, such as textbooks, according to the Internal Revenue Service. Only... Read More »

Is scholarship money taxable?

If you are not a candidate for a degree, the entire amount is taxable. If you are a candidate for a degree, parts of the scholarship used for tuition, books, supplies and equipment are not taxable.... Read More »

If one received a financial compensation for loss of limb from an insurance company is that money taxable and should it be included as income for income tax in Ontario Canada?

That is going to depend on your destination. For example, if you are flying into the United States you could opt to get travel insurance from American Visitors Insurance, a well known travelers' he... Read More »

Is the Roth IRA income limit the gross or the taxable income?

The Roth IRA income limit uses your modified adjusted gross income (MAGI). Your MAGI equals your adjusted gross income plus several adjustments you may have claimed--including traditional IRA contr... Read More »