Discussion:Taxable Scholarships/Grants
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| Revision as of 18:21, 9 October 2009 Seaside CPA (Talk | contribs) (New Discussion) ← Previous diff |
Revision as of 19:14, 9 October 2009 Seaside CPA (Talk | contribs) (OK - I did find) Next diff → |
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| {{ForumNewPost|UserID=Seaside CPA|Date=9 October 2009|Text=I know if the total scholarships/grants exceed qualified education expenses, the difference is taxable income. I am assuming this would be taxable to the child, not the parents. Correct? I also know if reported, it would be reported on line 7 of 1040 with SCH written beside it. My other question is trying to decide if the child needs to even file - would this be considered earned income or unearned income. My thought is unearned income, however the fact that I am reporting it on line 7 as wages makes me question it. Can anyone point me in the right direction on this? Thanks for the help!}} | {{ForumNewPost|UserID=Seaside CPA|Date=9 October 2009|Text=I know if the total scholarships/grants exceed qualified education expenses, the difference is taxable income. I am assuming this would be taxable to the child, not the parents. Correct? I also know if reported, it would be reported on line 7 of 1040 with SCH written beside it. My other question is trying to decide if the child needs to even file - would this be considered earned income or unearned income. My thought is unearned income, however the fact that I am reporting it on line 7 as wages makes me question it. Can anyone point me in the right direction on this? Thanks for the help!}} | ||
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| + | {{ForumReplyPost|UserID=Seaside CPA|Date=9 October 2009|Text=OK - I did find where taxable scholarships and grants are considered "earned" income. So am I correct in that it is income to the child (& not the parent)?}} | ||
Revision as of 19:14, 9 October 2009
Discussion Forum Index --> Basic Tax Questions --> Taxable Scholarships/Grants
Discussion Forum Index --> Tax Questions --> Taxable Scholarships/Grants
Seaside CPA (talk|edits) said: | 9 October 2009 |
| I know if the total scholarships/grants exceed qualified education expenses, the difference is taxable income. I am assuming this would be taxable to the child, not the parents. Correct? I also know if reported, it would be reported on line 7 of 1040 with SCH written beside it. My other question is trying to decide if the child needs to even file - would this be considered earned income or unearned income. My thought is unearned income, however the fact that I am reporting it on line 7 as wages makes me question it. Can anyone point me in the right direction on this? Thanks for the help! | |
Seaside CPA (talk|edits) said: | 9 October 2009 |
| OK - I did find where taxable scholarships and grants are considered "earned" income. So am I correct in that it is income to the child (& not the parent)? | |
