Adrian was awarded an academic scholarship to State University for the 2018–2019 academic year. He received...
Adrian was awarded an academic scholarship to State University for the 2018–2019 academic year. He received $6,500 in August and $7,200 in December 2018. Adrian had enough personal savings to pay all expenses as they came due. Adrian’s expenditures for the relevant period were as follows:
| Tuition, August 2018 | $3,700 |
| Tuition, January 2019 | 3,750 |
| Room and board | |
| August–December 2018 | 2,800 |
| January–May 2019 | 2,500 |
| Books and educational supplies | |
| August–December 2018 | 1,000 |
| January–May 2019 | 1,200 |
Determine the effect on Adrian’s gross income for 2018 and 2019.
Homework Answers
I believe that if a person is a candidate of a degree or not, then no matter; If Adrian is not a Degree candidate then the full amount listed above will be taxable. Assuming Adrian is a degree candidate, Adrian's gross income is:-
YEAR-2014 AMOUNT($)
Scholarship 6500
(less) Tution 3700
(less) Books and supplies 1000
GROSS INCOME 1800
YEAR-2015 AMOUNT($)
Scholarship 7200
(less) Tution 3750
(less) Books and supplies 1200
GROSS INCOME 2250
Adrian gross income of 2014 is $1800 and 2015 is $2250 is included that is not excluded in scholarship.
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