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For a degree candidate at an eligible institution, the taxable amount of their scholarship is the portion used to pay for __________. |
Solution |
As per IRS: |
A scholarship or fellowship is tax free only to the extent: |
- It doesn’t exceed your qualified education expenses; |
- It isn’t designated or earmarked for other purposes (such as room and board), and doesn’t require (by its terms) that it can’t be used for qualified education expenses; and |
- It
doesn’t represent payment for teaching, research, or other services
required as a condition for receiving the scholarship. |
So answer is Room and Board Expenses. |
For a degree candidate at an eligible institution, the taxable amount of their scholarship is the...
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