How does the IRS handle a $40k scholarship?
“How does the IRS handle a $40k scholarship?”
“the family paid a lower tuition amount at the exclusive Park school due to financial aid. This does not change the fact they are still paying for private school, just at a lower rate, while others are paying for their kids health care costs.”
GREAT QUESTION!!! Anyone know the answer to what AppyPappy asked??? Does one take this as INCOME?? Or is it just ignored.
Anyone know HOW one gets a $20,000 scholarship to this school??
PING to you, Tulip, for your expert input.
We have two kids, in this story, attending a private grade school — so, they’d still be counted as dependents on their parent’s tax forms — with annual tuition of $20K but the parents are paying far less owing to some scholarship money the kids are getting.
Seeing as the children are depndents, how does the IRS view that money? Is it counted as “Income” when April 15th rolls around?