<p>I get about 30k a year of guaranteed tuition discount/scholarship for the college I'm going to next year because of parents working there. do I pay taxes on the 30k if its all going toward tuition?</p>
<p>Tuition scholarships are not taxed as far as I know.</p>
<p>Scholarships that pay for qualified education expenses are not taxable. Qualified education expenses are basically tuition/fees and required books. if the scholarship is all for tuition then it is not taxable income.</p>
<p>Scholarships/grants used to pay for non qualified expenses (such as room and board) are taxable income.</p>
<p>Do the schools send out the tax information automatically (what form would that be) or do we have to get that somewhere else?</p>
<p>The school will give you a 1098-T after the first of the year. Some schools send them, but some schools put them on your student portal & it’s your responsibility to download/print it.</p>