Are scholarships taxable, are grants taxable — Do I need to report scholarship and grant money I received as income?
If your scholarship or grant was for study or research in the pursuit of a degree, the money used to pay your qualified tuition and related expenses isn’t taxable.
However, scholarship or grant income is taxable if:
- The scholarship or grant was for general living expenses to a non-degree student.
- The grantor requires you to perform services in return for granting the scholarship or grant.
- The grantor requires you to pursue studies, research, or other activities mainly for the benefit of the grantor.
- The scholarship or grant has a condition that you perform past, present, or future services for the grantor.
- The services you perform are subject to the direction or supervision of the grantor.
Understanding how to offset capital gains is a topic that many tax filers avoid. Brush up on key terms and the process with advice from H&R Block tax pros.
Many entrepreneurs find themselves wondering exactly how Bitcoin is taxed. Our H&R Block Tax Pros are prepared to assist self-employed filers with Bitcoin taxation.
The gig economy and taxes go hand-in-hand. If gig work is your primary form of income, review these important tax tips from our H&R Block tax professionals.
Congratulations on the Bonus! Learm more about the tax rate at H&R Block - whether you receive a holiday or cash bonus, it will apply to you.