478154
Put differently, do IRS rules allow scholarships/grants to go to tuition & qualified ed. expenses 1st, so that amt. for room & board matters only if scholarships/grants are > tuition & qualified ed. expenses? (My son does stay on campus.)
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Yes, you are exactly right.
It really does not matter unless scholarships are more than qualified expenses.
Scholarships/grants are applied to qualified education expenses first. The only qualified education expenses for a scholarship/grant are tuition, books, and lab fees. After that, any excess scholarships/grants are taxable income to the student.
Yes, you are exactly right.
It really does not matter unless scholarships are more than qualified expenses.
Scholarships/grants are applied to qualified education expenses first. The only qualified education expenses for a scholarship/grant are tuition, books, and lab fees. After that, any excess scholarships/grants are taxable income to the student.
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