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Are scholarship funds taxable?

April 26, 2017funds scholarship taxable

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Are scholarship funds taxable?

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Generally, scholarship funds used exclusively for the payment of tuition, fees, or textbooks are not taxable. Because there may be some exceptions to this rule, AARP Foundation recommends that you contact your tax advisor or log on to www.irs.gov to look for more information. The scholarship recipient is responsible for taxes, if any, that may be assessed against the scholarship award.