So I took a year off between plus graduate school and university. I get the Gates Millennium Scholarship, which both tuition and room and board covers. I am finishing my Master's online, so I was able, while I work in the school. Last year I only worked for 5 months. So I was able to qualify for the Gates grant, the need is based. I get $ 24,000 in science. $ 12,000 will go to tuition fees and $ 12, 000 for accommodation and meals. This year I will claim $ 35, 000 in wages. Do I have the $ 12,000 in financial assistance to submit my taxes? If I then have my full salary will be $ 47,000, and I will no longer qualify for the scholarship: angry.
Secondly, I plan to leave my full time job in December found a part-time job and internship opportunities in public health to study my field. [B] Will [B] will grant factor in the fact I am not a $ 35, 000 content coming next year? [/ B [/ B]] Please help, because I try to make wise decisions.
Best Answer: You should deduct educational expenses from that amount-it would be wise to make sure you include paper, supplies for school, books-but you CANNOT include living expenses like apartment, utilities, food, etc. If you do-and you get audited within the next three years, you are going to owe a bunch in fines, interest, etc.
I found out I owed money to the Govt. because I got paid to go to school. That was the worst news I had ever heard.
Reply:And as far as the income question goes?.
Federal Student Aid programs are required to take into account material changes in income due to studies?however, I do not believe private organizations are required to do the same. Its up to the scholarship program whether or not they take that change into account.
Reply:You'll want to check out IRS Pub 17, page 88. Portions of the scholarship used for room and board are taxable income.
Reply:no AFAIK, but check with a tax professional.
Reply: So I took a year plus off between graduate school and college. I am receiving the Gates Millenium Scholarship, which covers both tuition and room and board. I am completing my Masters online so I am able to work while in school. Last year, I only worked for 5 months. So I was able to requalify for the Gates scholarship, which is need based. I am receiving $24,000 in scholarship. $12,000 will go to tuition and $12, 000 to room and board. This year, I will claim $35, 000 in salary. Do I have to claim the $12,000 in financial aid on my taxes? If I have to, then my total salary will be $47,000 and I will no longer qualify for the scholarship :annoyed:.
Secondly, I plan to quit my full time job in December, find a parttime job and internship in public health, my area of study. [B]Will [B]financial aid factor in the fact, I will not a $35, 000 salary coming in the next year?[/B[/B]] Please help because I am trying to make decisions wisely.
Educational financial aid is tax-free, to the best of my knowledge. I don't work in financial aid, but I am a student like you.
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