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Www freetaxusa com 1. Www freetaxusa com   Scholarships, Fellowships, Grants, and Tuition Reductions Table of Contents Reminder Introduction Scholarships and FellowshipsTax-Free Scholarships and Fellowships Taxable Scholarships and Fellowships Reporting Scholarships and Fellowships Other Types of Educational AssistanceFulbright Grants Pell Grants and Other Title IV Need-Based Education Grants Payment to Service Academy Cadets Veterans' Benefits Qualified Tuition Reduction Reminder Individual retirement arrangements (IRAs). Www freetaxusa com  You can set up and make contributions to an IRA if you receive taxable compensation. Www freetaxusa com Under this rule, a taxable scholarship or fellowship is compensation only if it is shown in box 1 of your Form W-2, Wage and Tax Statement. Www freetaxusa com For more information about IRAs, see Publication 590. Www freetaxusa com Introduction This chapter discusses the income tax treatment of various types of educational assistance you may receive if you are studying, teaching, or researching in the United States. Www freetaxusa com The educational assistance can be for a primary or secondary school, a college or university, or a vocational school. Www freetaxusa com Included are discussions of: Scholarships, Fellowships, Need-based education grants, such as a Pell Grant, and Qualified tuition reductions. Www freetaxusa com Many types of educational assistance are tax free if they meet the requirements discussed here. Www freetaxusa com Special rules apply to U. Www freetaxusa com S. Www freetaxusa com citizens and resident aliens who have received scholarships or fellowships for studying, teaching, or researching abroad. Www freetaxusa com For information about these rules, see Publication 54, Tax Guide for U. Www freetaxusa com S. Www freetaxusa com Citizens and Resident Aliens Abroad. Www freetaxusa com Scholarships and Fellowships A scholarship is generally an amount paid or allowed to, or for the benefit of, a student (whether an undergraduate or a graduate) at an educational institution to aid in the pursuit of his or her studies. Www freetaxusa com A fellowship is generally an amount paid for the benefit of an individual to aid in the pursuit of study or research. Www freetaxusa com Amount of scholarship or fellowship. Www freetaxusa com   The amount of a scholarship or fellowship includes the following: The value of contributed services and accommodations. Www freetaxusa com This includes such services and accommodations as room (lodging), board (meals), laundry service, and similar services or accommodations that are received by an individual as a part of a scholarship or fellowship. Www freetaxusa com The amount of tuition, matriculation, and other fees that are paid or remitted to the student to aid the student in pursuing study or research. Www freetaxusa com Any amount received in the nature of a family allowance as a part of a scholarship or fellowship. Www freetaxusa com Tax-Free Scholarships and Fellowships A scholarship or fellowship is tax free (excludable from gross income) only if you are a candidate for a degree at an eligible educational institution. Www freetaxusa com A scholarship or fellowship is tax free only to the extent: It does not exceed your expenses; It is not designated or earmarked for other purposes (such as room and board), and does not require (by its terms) that it cannot be used for qualified education expenses; and It does not represent payment for teaching, research, or other services required as a condition for receiving the scholarship. Www freetaxusa com (But for exceptions, see Payment for services,later. Www freetaxusa com Use Worksheet 1–1 to figure the amount of a scholarship or fellowship you can exclude from gross income. Www freetaxusa com Candidate for a degree. Www freetaxusa com   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an educational institution that: Provides a program that is acceptable for full credit toward a bachelor's or higher degree, or offers a program of training to prepare students for gainful employment in a recognized occupation; and Is authorized under federal or state law to provide such a program and is accredited by a nationally recognized accreditation agency. Www freetaxusa com Eligible educational institution. Www freetaxusa com   An eligible educational institution is one whose primary function is the presentation of formal instruction and that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Www freetaxusa com Qualified education expenses. Www freetaxusa com   For purposes of tax-free scholarships and fellowships, these are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. Www freetaxusa com These items must be required of all students in your course of instruction. Www freetaxusa com Expenses that do not qualify. Www freetaxusa com   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. Www freetaxusa com Payment for services. Www freetaxusa com   Generally, you cannot exclude from your gross income the part of any scholarship or fellowship that represents payment for teaching, research, or other services required as a condition for receiving the scholarship. Www freetaxusa com This applies even if all candidates for a degree must perform the services to receive the degree. Www freetaxusa com (See exceptions next. Www freetaxusa com ) Exceptions. Www freetaxusa com   You do not have to treat as payment for services the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. Www freetaxusa com Example 1. Www freetaxusa com You received a scholarship of $2,500. Www freetaxusa com The scholarship was not received under either of the exceptions mentioned above. Www freetaxusa com As a condition for receiving the scholarship, you must serve as a part-time teaching assistant. Www freetaxusa com Of the $2,500 scholarship, $1,000 represents payment for teaching. Www freetaxusa com The provider of your scholarship gives you a Form W-2 showing $1,000 as income. Www freetaxusa com Your qualified education expenses were at least $1,500. Www freetaxusa com Assuming that all other conditions are met, $1,500 of your scholarship is tax free. Www freetaxusa com The $1,000 you received for teaching is taxable. Www freetaxusa com Example 2. Www freetaxusa com You are a candidate for a degree at a medical school. Www freetaxusa com You receive a scholarship (not under either of the exceptions mentioned above) for your medical education and training. Www freetaxusa com The terms of your scholarship require you to perform future services. Www freetaxusa com A substantial penalty applies if you do not comply. Www freetaxusa com The entire amount of your grant is taxable as payment for services in the year it is received. Www freetaxusa com Athletic Scholarships An athletic scholarship is tax free only if and to the extent it meets the requirements discussed later. Www freetaxusa com Worksheet 1-1. Www freetaxusa com    You can use Worksheet 1-1, Taxable Scholarship and Fellowship Income , later, to figure the tax-free and taxable parts of your athletic scholarship. Www freetaxusa com    Worksheet 1-1. Www freetaxusa com Taxable Scholarship and Fellowship Income 1. Www freetaxusa com Enter the total amount of any scholarship or fellowship for 2013. Www freetaxusa com See Amount of scholarship or fellowship, earlier. Www freetaxusa com 1. Www freetaxusa com       If you are a degree candidate at an eligible educational institution, go to line 2. Www freetaxusa com If you are not a degree candidate at an eligible educational institution, stop here. Www freetaxusa com The entire amount is taxable. Www freetaxusa com For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowships , earlier, in this chapter. Www freetaxusa com       2. Www freetaxusa com Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. Www freetaxusa com (Do not include amounts received for these items under the National Health Service Corps Scholarship Program or the Armed Forces Health Professions Scholarship and Financial Assistance Program. Www freetaxusa com ) 2. Www freetaxusa com     3. Www freetaxusa com Subtract line 2 from line 1 3. Www freetaxusa com     4. Www freetaxusa com Enter the amount from line 3 that your scholarship or fellowship required you to use for other than qualified education expenses 4. Www freetaxusa com     5. Www freetaxusa com Subtract line 4 from line 3 5. Www freetaxusa com     6. Www freetaxusa com Enter the amount of your qualified education expenses 6. Www freetaxusa com     7. Www freetaxusa com Enter the smaller of line 5 or line 6. Www freetaxusa com This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship) 7. Www freetaxusa com     8. Www freetaxusa com Subtract line 7 from line 5 8. Www freetaxusa com     9. Www freetaxusa com Taxable part. Www freetaxusa com Add lines 2, 4, and 8. Www freetaxusa com See Reporting Scholarships and Fellowships , earlier, for how to report this amount on your tax return 9. Www freetaxusa com     Taxable Scholarships and Fellowships If and to the extent your scholarship or fellowship does not meet the requirements described earlier, it is taxable and must be included in gross income. Www freetaxusa com You can use Worksheet 1–1, Taxable Scholarship and Fellowship Income, later, to figure the tax-free and taxable parts of your scholarship or fellowship. Www freetaxusa com Reporting Scholarships and Fellowships Whether you must report your scholarship or fellowship depends on whether you must file a return and whether any part of your scholarship or fellowship is taxable. Www freetaxusa com If your only income is a completely tax-free scholarship or fellowship, you do not have to file a tax return and no reporting is necessary. Www freetaxusa com If all or part of your scholarship or fellowship is taxable and you are required to file a tax return, report the taxable amount as explained below. Www freetaxusa com You must report the taxable amount whether or not you received a Form W-2. Www freetaxusa com If you receive an incorrect Form W-2, ask the payer for a corrected one. Www freetaxusa com For information on whether you must file a return, see Publication 501, Exemptions, Standard Deduction, and Filing Information, or your income tax form instructions. Www freetaxusa com How To Report How you report any taxable scholarship or fellowship income depends on which return you file. Www freetaxusa com Form 1040EZ. Www freetaxusa com   If you file Form 1040EZ, include the taxable amount in the total on line 1. Www freetaxusa com If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 1. Www freetaxusa com Form 1040A. Www freetaxusa com   If you file Form 1040A, include the taxable amount in the total on line 7. Www freetaxusa com If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount in the space to the left of line 7. Www freetaxusa com Form 1040. Www freetaxusa com   If you file Form 1040, include the taxable amount in the total on line 7. Www freetaxusa com If the taxable amount was not reported on Form W-2, also enter “SCH” and the taxable amount on the dotted line next to line 7. Www freetaxusa com Schedule SE (Form 1040). Www freetaxusa com   To determine your net earnings from self-employment, include amounts you receive under a scholarship as pay for your services that are reported to you on Form 1099-MISC, Miscellaneous Income. Www freetaxusa com If your net earnings are $400 or more, you must pay self-employment tax. Www freetaxusa com Use Schedule SE, Self-Employment Tax, to figure this tax. Www freetaxusa com Form 1040NR. Www freetaxusa com   If you file Form 1040NR, report the taxable amount on line 12. Www freetaxusa com Generally, you must report the amount shown in box 2 of Form(s) 1042-S, Foreign Person's U. Www freetaxusa com S. Www freetaxusa com Source Income Subject to Withholding. Www freetaxusa com See the Instructions for Form 1040NR for more information. Www freetaxusa com Form 1040NR-EZ. Www freetaxusa com   If you file Form 1040NR-EZ, report the taxable amount on line 5. Www freetaxusa com Generally, you must report the amount shown in box 2 of Form(s) 1042-S. Www freetaxusa com See the Instructions for Form 1040NR-EZ for more information. Www freetaxusa com Other Types of Educational Assistance The following discussions deal with other common types of educational assistance. Www freetaxusa com Fulbright Grants A Fulbright grant is generally treated as a scholarship or fellowship in figuring how much of the grant is tax free. Www freetaxusa com Pell Grants and Other Title IV Need-Based Education Grants These need-based grants are treated as scholarships for purposes of determining their tax treatment. Www freetaxusa com They are tax free to the extent used for qualified education expenses during the period for which a grant is awarded. Www freetaxusa com Payment to Service Academy Cadets An appointment to a United States military academy is not a scholarship or fellowship. Www freetaxusa com Payment you receive as a cadet or midshipman at an armed services academy is pay for personal services and will be reported to you in box 1 of Form W-2. Www freetaxusa com Include this pay in your income in the year you receive it unless one of the exceptions, discussed earlier under Payment for services , applies. Www freetaxusa com Veterans' Benefits Payments you receive for education, training, or subsistence under any law administered by the Department of Veterans Affairs (VA) are tax free. Www freetaxusa com Do not include these payments as income on your federal tax return. Www freetaxusa com If you qualify for one or more of the education benefits discussed in chapters 2 through 12, you may have to reduce the amount of education expenses qualifying for a specific benefit by part or all of your VA payments. Www freetaxusa com This applies only to the part of your VA payments that is required to be used for education expenses. Www freetaxusa com You may want to visit the Veteran's Administration website at www. Www freetaxusa com gibill. Www freetaxusa com va. Www freetaxusa com gov for specific information about the various VA benefits for education. Www freetaxusa com Example. Www freetaxusa com You have returned to college and are receiving two education benefits under the latest GI Bill: (1) a $1,534 monthly basic housing allowance (BHA) that is directly deposited to your checking account, and (2) $3,840 paid directly to your college for tuition. Www freetaxusa com Neither of these benefits is taxable and you do not report them on your tax return. Www freetaxusa com You also want to claim an American opportunity credit on your return. Www freetaxusa com You paid $5,000 in qualified education expenses (see chapter 2, American Opportunity Credit , later). Www freetaxusa com To figure the amount of credit, you must first subtract the $3,840 from your qualified education expenses because this payment under the GI Bill was required to be used for education expenses. Www freetaxusa com You do not subtract any amount of the BHA because it was paid to you and its use was not restricted. Www freetaxusa com Qualified Tuition Reduction If you are allowed to study tuition free or for a reduced rate of tuition, you may not have to pay tax on this benefit. Www freetaxusa com This is called a “tuition reduction. Www freetaxusa com ” You do not have to include a qualified tuition reduction in your income. Www freetaxusa com A tuition reduction is qualified only if you receive it from, and use it at, an eligible educational institution. Www freetaxusa com You do not have to use the tuition reduction at the eligible educational institution from which you received it. Www freetaxusa com In other words, if you work for an eligible educational institution and the institution arranges for you to take courses at another eligible educational institution without paying any tuition, you may not have to include the value of the free courses in your income. Www freetaxusa com The rules for determining if a tuition reduction is qualified, and therefore tax free, are different if the education provided is below the graduate level or is graduate education. Www freetaxusa com You must include in your income any tuition reduction you receive that is payment for your services. Www freetaxusa com Eligible educational institution. Www freetaxusa com   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. Www freetaxusa com Officers, owners, and highly compensated employees. Www freetaxusa com   Qualified tuition reductions apply to officers, owners, or highly compensated employees only if benefits are available to employees on a nondiscriminatory basis. Www freetaxusa com This means that the tuition reduction benefits must be available on substantially the same basis to each member of a group of employees. Www freetaxusa com The group must be defined under a reasonable classification set up by the employer. Www freetaxusa com The classification must not discriminate in favor of owners, officers, or highly compensated employees. Www freetaxusa com Payment for services. Www freetaxusa com   Generally, you must include in income the part of any qualified tuition reduction that represents payment for teaching, research, or other services by the student required as a condition of receiving the qualified tuition reduction. Www freetaxusa com This applies even if all candidates for a degree must perform the services to receive the degree. Www freetaxusa com (See below for exceptions. Www freetaxusa com ) Exceptions. Www freetaxusa com   You do not have to include in income the part of any scholarship or fellowship that represents payment for teaching, research, or other services if you receive the amount under: The National Health Service Corps Scholarship Program, or The Armed Forces Health Professions Scholarship and Financial Assistance Program. Www freetaxusa com Education Below the Graduate Level If you receive a tuition reduction for education below the graduate level (including primary, secondary, or high school), it is a qualified tuition reduction, and therefore tax free, only if your relationship to the educational institution providing the benefit is described below. Www freetaxusa com You are an employee of the eligible educational institution. Www freetaxusa com You were an employee of the eligible educational institution, but you retired or left on disability. Www freetaxusa com You are a widow or widower of an individual who died while an employee of the eligible educational institution or who retired or left on disability. Www freetaxusa com You are the dependent child or spouse of an individual described in (1) through (3), above. Www freetaxusa com Child of deceased parents. Www freetaxusa com   For purposes of the qualified tuition reduction, a child is a dependent child if the child is under age 25 and both parents have died. Www freetaxusa com Child of divorced parents. Www freetaxusa com   For purposes of the qualified tuition reduction, a dependent child of divorced parents is treated as the dependent of both parents. Www freetaxusa com Graduate Education A tuition reduction you receive for graduate education is qualified, and therefore tax free, if both of the following requirements are met. Www freetaxusa com It is provided by an eligible educational institution. Www freetaxusa com You are a graduate student who performs teaching or research activities for the educational institution. Www freetaxusa com You must include in income any other tuition reductions for graduate education that you receive. Www freetaxusa com How To Report Any tuition reduction that is taxable should be included as wages in box 1 of your Form W-2. Www freetaxusa com Report the amount from Form W-2, box 1, on line 7 (Form 1040 or Form 1040A) or line 1 (Form 1040EZ). Www freetaxusa com Prev  Up  Next   Home   More Online Publications
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Www freetaxusa com Publication 925 - Introductory Material Table of Contents Future Developments Reminders IntroductionOrdering forms and publications. Www freetaxusa com Tax questions. Www freetaxusa com Useful Items - You may want to see: Future Developments For the latest developments related to Publication 925, such as legislation enacted after it was published, go to www. Www freetaxusa com irs. Www freetaxusa com gov/pub925. Www freetaxusa com Reminders At-risk amounts. Www freetaxusa com  The following rules apply to amounts borrowed after May 3, 2004. Www freetaxusa com You must file Form 6198, At-Risk Limitations, if you are engaged in an activity included in (6) under Activities Covered by the At-Risk Rules and you have borrowed certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts in this publication. Www freetaxusa com You may be considered at risk for certain amounts described in Certain borrowed amounts excluded under At-Risk Amounts secured by real property used in the activity of holding real property (other than mineral property) that, if nonrecourse, would be qualified nonrecourse financing. Www freetaxusa com Photographs of missing children. Www freetaxusa com  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Www freetaxusa com Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Www freetaxusa com You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Www freetaxusa com Introduction This publication discusses two sets of rules that may limit the amount of your deductible loss from a trade, business, rental, or other income-producing activity. Www freetaxusa com The first part of the publication discusses the passive activity rules. Www freetaxusa com The second part discusses the at-risk rules. Www freetaxusa com However, when you figure your allowable losses from any activity, you must apply the at-risk rules before the passive activity rules. Www freetaxusa com Comments and suggestions. Www freetaxusa com   We welcome your comments about this publication and your suggestions for future editions. Www freetaxusa com   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Www freetaxusa com NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Www freetaxusa com Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Www freetaxusa com   You can send your comments from www. Www freetaxusa com irs. Www freetaxusa com gov/formspubs/. Www freetaxusa com Click on “More Information” and then on “Comment on Tax Forms and Publications. Www freetaxusa com ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Www freetaxusa com Ordering forms and publications. Www freetaxusa com   Visit www. Www freetaxusa com irs. Www freetaxusa com gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Www freetaxusa com Internal Revenue Service 1201 N. Www freetaxusa com Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Www freetaxusa com   If you have a tax question, check the information available on IRS. Www freetaxusa com gov or call 1-800-829-1040. Www freetaxusa com We cannot answer tax questions sent to either of the above addresses. Www freetaxusa com Useful Items - You may want to see: Publication 527 Residential Rental Property (Including Rental of Vacation Homes) 541 Partnerships Form (and Instructions) 4952 Investment Interest Expense Deduction 6198 At-Risk Limitations 8582 Passive Activity Loss Limitations 8582-CR Passive Activity Credit Limitations 8810 Corporate Passive Activity Loss and Credit Limitations 8949 Sales and Other Dispositions of Capital Assets See How To Get Tax Help near the end of this publication for information about getting these publications and forms. Www freetaxusa com Prev  Up  Next   Home   More Online Publications