Are my scholarships, fellowships, or grants taxable?
Congratulations on getting an award! Scholarships, fellowships, and Pell grants received by registered students who are working towards a degree at a college, university, or other accredited educational institution are generally nontaxable as long as the money is used for qualified education expenses.
On the flip side, you can't claim education credits or deduct expenses that were paid with these tax-free funds.
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