Is work-study income taxable — Or is federal work-study tax exempt income if I’m a full-time student?
Since your work-study program income is a taxable scholarship, you must report the income on the wages line of Form 1040.
You don’t have to include in your income the part of any scholarship or fellowship that’s payment for teaching, research, or other services if you receive the amount under the:
- National Health Service Corps Scholarship Program
- Armed Forces Health Professions Scholarship and Financial Assistance Program
For scholarship, fellowship or federal work-study tax exempt status, you must also:
- Be a degree candidate at an eligible educational institution
- Use the part of the scholarship or fellowship you don’t include as income to pay qualified education expenses
What is the cost basis of stock and other investments? Learn more about calculating the basis and get tax answers from H&R Block.
Learn how you should report the tips you received on your taxes.
Have you ever thought about investing in a Cayman Islands tax haven? Before opening an account, or making adjustments to an already existing account, review these tax tips.
If you’ve contributed too much to your IRA for a given year, you’ll need to contact your bank or investment company to request the withdrawal of the excess IRA contributions. Depending on when you discover the excess, you may be able to remove the excess IRA contributions and avoid penalty taxes.