1098T - Taxable Scholarship?

Paying for College
1

<p>How do you know if the scholarship your child received for graduate school is taxable?
Money is reported in Box 5.</p>

2

<p>If it was used to pay for anything other than tuition/fees or required books it is taxable. For instance if it was used for room and board it is taxable.</p>

<p>IRS publication 970 has all the information.</p>

<p><a href=“http://www.irs.gov/pub/irs-pdf/p970.pdf[/url]”>http://www.irs.gov/pub/irs-pdf/p970.pdf&lt;/a&gt;&lt;/p&gt;