10 Surprising Things That Get Taxed By IRS

Scholarships

If you obtained a scholarship to pay for tuition, fees and books, that money is exempt from taxes. However, if you also use your scholarship to cover your room and board, travel and other expenses, then you must pay taxes on that portion.

Moreover, students who benefit from financial support in exchange for work, such as a teaching or research assistant, are also required to pay taxes even if the proceeds are used to cover for their tuition.

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