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<\/figure><\/div>\n\n\nThe good news is that your scholarship and grant are not taxable if the money was for study or research for a degree-seeking student who spent the funds to pay qualified expenses at an eligible educational organization.<\/p>\n\n\n\n
Let\u2019s dig into exactly what that means with a few definitions:<\/p>\n\n\n\n
A degree-seeking student<\/strong> is one:<\/p>\n\n\n\n An eligible educational organization<\/strong> is one:<\/p>\n\n\n\n Qualified education expenses<\/strong><\/a> include:<\/p>\n\n\n\n Have other student tax filing questions?<\/em><\/strong> Be sure to visit our Tax Guide for College Students<\/a> and find out about student forms that can be filed for free.<\/em><\/p>\n\n\n\n If all the above describes your situation, you won\u2019t need to report your grant or scholarship as taxable income on your return.<\/p>\n\n\n\n If that\u2019s not you exactly, then you may find that some or all your award is taxable. Here are a few scenarios where that might apply.<\/p>\n\n\n\n Scholarship or grant income is taxable in the following situations.:<\/p>\n\n\n\n However, National Health Services Corps Scholarships and Armed Forces Health Professions Scholarship and Financial Assistance Program payments, or certain student work-learning service programs aren\u2019t taxable.<\/p>\n\n\n\n Some grants are treated the same as a tax-free scholarship, and the amounts you use to pay for qualified education expenses are tax free.<\/p>\n\n\n\n These include:<\/p>\n\n\n\n If you\u2019ve received one of the grants mentioned above and used the money appropriately, the grant money is not taxable.<\/p>\n\n\n\n What about student loans? Any loans you take out to pay for education expenses are tax free, too. Since its money you\u2019ll need to pay back, the amount isn\u2019t included in income. If you\u2019re currently paying back your student loans, you may qualify for the student loan interest deduction<\/a>.<\/p>\n\n\n\n If it turns out your scholarships and grants are taxable, don\u2019t worry about getting your taxes done right. At H&R Block, you can find the expertise you need. Whether you file on your own with H&R Block Online<\/a> or with a tax pro<\/a>. We\u2019ll be there with you every step of the way.<\/p>\n\n\n\n Free tax filing for students<\/strong> – Did you know some students can take advantage of free tax<\/a> filing with H&R Block? It\u2019s true! Learn more who can file for free with H&R Block Free Online<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Receiving a college scholarship or grant can making paying for college a lot easier and help with your overall budget. But what about your taxes? OK, we know it\u2019s probably not the first thing on your mind. But as tax time rolls around, you may be asking yourself, \u201cAre scholarships taxable? Are grants taxable?\u201d The […]<\/p>\n","protected":false},"author":1,"featured_media":54323,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[24,50],"tags":[],"class_list":["post-20262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income","category-other-income"],"acf":[],"yoast_head":"\n
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File with H&R Block to get your max refund<\/h3>
Are scholarships taxable income?<\/h2>\n\n\n\n
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Do you have to pay taxes on grants?<\/h2>\n\n\n\n
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Get help with your taxable scholarships and grants<\/h2>\n\n\n\n