Scholarships and Taxes, Taxguy are you there?

Paying for College
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<p>I am doing our family taxes for 2006. I remember this time last year, Taxguy did a great post on scholarships and their impact on taxes. Anyone still have it? Best I can remember, scholarships for tuition, books and fees are not taxable. Scholarships for room and board are taxable as income to the student. Right? How does one obtain the figures? Does the school issue a W-2? </p>

<p>In our situation, DS received 2 school merit scholarships, 1 state education lottery scholarship, 1 state grant, and 2 local civic group scholarships. All combined, the scholarships covered everything; tuition, books, R&B, etc. I am trying to see how this will impact the filing of our taxes and how it will impact the filing of our DSs taxes. We file him as our dependent. </p>

<p>Can I assume based on our situation, we will not be able to take advantage of dedutions or exclusions such as: savings bonds interest exclusion, Hope and Lifetime Learning credits, 529 plan distribution exclusion, etc?</p>

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<p>See the black line at the top of the page, fourth item over, says "Search"? Try "Taxguy" in there.</p>

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<p><a href="http://talk.collegeconfidential.com/showthread.php?t=57955&page=4%5B/url%5D"&gt;http://talk.collegeconfidential.com/showthread.php?t=57955&page=4&lt;/a&gt;&lt;/p>

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<p>PERFECT! Thanks swimcatsmom! This post is great come tax time!</p>