I have a question about educational grants. Is my Pell Grant taxable if the amount I received for my Pell Grant is more than the amount billed for tuition and related expenses on my Form 1098-T.
Under certain circumstances is a Pell Grant taxable. Pell Grants and other Title IV need-based education grants are considered scholarships for tax purposes. So, Pell Grants and other educational grants are tax-free to the extent you use them for:
- Qualified tuition
- Fees, books, supplies, and equipment required for your course of instruction
You must use the funds during the period for which you receive the grant. However, if you do not use the entire amount of the grant for qualified education expenses the remaining amount is taxable.
Are there any tax deductions for cars? Can I deduct mileage? In some cases, yes. See if you qualify with the tax experts at H&R Block.
You should consider deducting medical expenses if you spend a lot of money on healthcare. Learn more about deductible medical expenses at H&R Block.
Learn if you owe a repayment for the excess on your advance premium tax credit from our tax articles at H&R Block.
Learn more about claiming mortgage interest if you and your spouse are filing separately with advice from the tax experts at H&R Block.