Comments on: Do I have my scholarship if my parents sign file taxes? http://www.financebis.com/20100730/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/ Financial Information Thu, 25 Aug 2011 17:43:20 +0000 hourly 1 http://wordpress.org/?v=3.3 By: emeraldsky21 http://www.financebis.com/20100730/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/#comment-117383 emeraldsky21 Fri, 30 Jul 2010 19:52:03 +0000 http://www.financebis.com/2010/07/30/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/#comment-117383 It is very possible to have scholorship income. To determine if you have to report any of it as income you first take the amount of scholorships you received durring the tax year and then subtract all qualified tuition and fees that were paid by the scholorships. If you received more in scholorships than you had to pay in tuition and fees than that amount must be included as income on your personal 1040. If you do have scholorship income you can deduct the cost of books from the taxable amount to decrease your tax liability on the scholorship. It is very possible to have scholorship income. To determine if you have to report any of it as income you first take the amount of scholorships you received durring the tax year and then subtract all qualified tuition and fees that were paid by the scholorships. If you received more in scholorships than you had to pay in tuition and fees than that amount must be included as income on your personal 1040. If you do have scholorship income you can deduct the cost of books from the taxable amount to decrease your tax liability on the scholorship.

]]> By: ny_spork http://www.financebis.com/20100730/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/#comment-117382 ny_spork Fri, 30 Jul 2010 19:33:01 +0000 http://www.financebis.com/2010/07/30/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/#comment-117382 Start an offshore corporation and have them pay your schooling as a corporate perk. When it all falls apart just blame the CEO. Start an offshore corporation and have them pay your schooling as a corporate perk.

When it all falls apart just blame the CEO.

]]> By: Fool in the Rain http://www.financebis.com/20100730/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/#comment-117381 Fool in the Rain Fri, 30 Jul 2010 19:09:13 +0000 http://www.financebis.com/2010/07/30/do-i-have-my-scholarship-if-my-parents-sign-file-taxes/#comment-117381 Yes scholarships are non taxable. You don't have to report them as income. Yes scholarships are non taxable. You don’t have to report them as income.

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