Student Grant Taxable
May 12th, 2010
Question: Taxes for College Student?
I am enrolled FT in college. I recieved a grant/scholarship & I took out a loan. I usually fill out the 1040EZ and the Basic Minnesota form. Is this taxable?? Do I need to report this??
Answer: As long as the grant/scholarship is used for tution, fees, books, supplies and equipment required for courses, enrollment or attendance and the amounts are not a payment for your services, they are tax free and do not need to be reported on your tax return.
New Laws Effective January 1, 2010
The following legislation will take effect beginning Jan. 1, 2010.
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