I do care! Mom and Dad Dubois

[size="4"][font="Arial Black"][font="Arial Black"][right][/right]Cornerstones[right][/right]ISBN: 0-13-195825-0

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[right][/right]CONCENTRATION[/font][size="4"][/size][/font][/size][left][/left]Know X + Y[center][/center]rabraham@kaplan.com[center][/center][center][/center][left][/left]Again Mr. JO'Sullivan Kaplan has come through with another brilliant plan (TIA) :D B) I am happier to see now that students have a point to make and that they are using the proper chanels. [left][/left][left][/left]Do you understand Pre-Algebra? Wee this pg is what IT is about.[center][/center][center][/center] y does not equal x - x + y = 5 - See problem solved - No problem. - Iffen you like to concentrate this is IT. Do not forget smarthinking. ~~~~

Making It Legal: Reporting Taxable Awards

If your only income is a tax-free scholarship or fellowship, you’re in the clear.

President Barack Obama my spouce is V. A. and I am a culture of seven (7) newborns out of our labortory. The Navy say's I am retired and yet I still see amazing grace so the rate of this key going up from a negative one (-1) to a zero (0) was not such a bad idea say hay to the staffers in the offices universally and keep up the good effort you guys are great. ~~~~~~~

By Roxana Hadad
Congratulations! You’ve won a scholarship! You’ll want to call Mom, Dad, Grandma, Cousin Bob … and Uncle Sam. Your scholarship may count as income; if so, it will be taxed. To make sure you’re ready for tax-time, find out if your award is taxable and what you need to do to file your return.
Tax-free Scholarships and Fellowships
A scholarship is tax-free if:
• You are a full-time or part-time candidate for a degree at a primary, secondary or accredited post-secondary institution.
• The award covers tuition and fees to enroll in or attend an educational institution.
• The award covers fees, books, supplies and equipment required for your courses.
The award is tax-free only as long as you use it for the purposes outlined above.
Taxable Scholarships and Fellowships
Your scholarship is taxed if it is used to cover:
Room and board
Travel
Research
Clerical help
Equipment
If your award, for example, covers both tuition and room and board, the amount you use for tuition is tax-free, while the amount you use for room and board is taxable. If you need to make this adjustment, you may have to adjust other parts of your return as well. For example, if you are filing a deduction for educational expenses, you must reduce the amount of your deduction by the tax-free amount of the award.
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What you use your scholarship money for may determine whether you pay taxes on it.
Making It Legal: Reporting Taxable Awards
If your only income is a tax-free scholarship or fellowship, you’re in the clear. You don’t have to file a tax return or report the award. On the other hand, if all or part of your scholarship is taxable and if that money is not recorded on your W2 form, you must report it:
If you are filing a 1040EZ form, print “SCH” and the taxable amount to the right of the words “W-2 form(s)” on line 1.
For the 1040 or 1040A forms, write “SCH” and the taxable amount on the dotted line next to line 7 on the 1040 or in the space to the left of line 7 on the 1040A.
Any Questions?
If you’re not sure if your award is taxable, ask the organization that sponsored the award. They may have information from the IRS regarding your award’s tax status.
You can also seek information directly from the Internal Revenue Service. Check the IRS Web site, call the IRS help line at 1-800-829-1040, or download IRS Publication 970, which covers the tax benefits of education. If you have questions, ask as soon as possible to get your answers before tax time.
Being informed about the tax procedures for scholarships will make your life easier come April 15. Find out what’s taxable and report it correctly. You want to stay on your Uncle Sam’s good side.