Hi,
I am a master student and I got a scholarship/achievement award in a check from a 501(c)(6) organization in 2022. My questions are below:
1. Should I be expecting a tax form from the organization before filing my 2022 tax return? If not, how to report it?
2. According to 26 USC Section 117, I believe the scholarship is tax free as long as I use it to pay for my tuition and books, and keep all my records of the payments. Is that correct?
3. I don't need to finish using up the scholarship fund in the year (2022) I received as long as I use it to pay for my tuition. Am I right?
Thank you in advance!
