Mom Scholarships > Are Scholarships Taxable? Will I Need To Pay Tax on Scholarship Money?

Are Scholarships Taxable? Will I Need To Pay Tax on Scholarship Money?

Updated: November 19, 2018

I’ve you been awarded a scholarship, or are looking to apply for scholarships in the hope of receiving one, you will be pleased to know that most scholarships are not taxable. That is: in most cases, if you get a scholarship you will not have to pay tax on the amount you receive.

There are some exceptions though. So while most scholarships aren’t required to be taxable, there are a few circumstances where a scholarship might have to be taxed.

So it’s important to know when and where taxes might be applied to a scholarship so it doesn’t come as a shock – rest assured however, it is unlikely you will have to pay tax on a scholarship you receive.

The IRS has a simple and easy to read overview of where taxes might be applied to scholarship amounts right here.

In short, some circumstances may require some or all of a scholarship to be declared as taxable gross income, but in regular degree scholarships or fellowship grants and where the money is used for tuition, textbooks and all of your study related expenses, this will not be something you’ll need to worry about.

The vast majority of scholarships that moms and single mothers, as well as those going back to school as mature age students are not the types of grants or scholarships liable for tax – so you can just focus on using that money to move forward with your studies and your career.

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