Effective January 1, 1987, all scholarships and grants are subject to taxation under the new tax reform act. The tax reform act allows exemptions for degree candidates in the amount received for tuition, required fees, required books, supplies, and equipment. The student will be responsible for justifying and documenting the allowable expenses to be excluded. Accurate records of scholarships and grants received and receipts for books, supplies, tuition, and required fees should be kept by each student to file with income tax returns. Questions and requests should be directed to the IRS or a private tax consultant.
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