Tax question in regards to grad school

[dukebound85]

Hi all. I have a quick tax question for those that may have been in a similar situation. For any of those that get their tuitioned waived by the program of study, did you pay taxes on that tuition amt when it came time to file? In other words, does the IRS view tuition being paid for the student on behalf of their advisor as income?

Thanks as I am trying to budget for any owing I may have to shell out

Edit: I am a US citizen in the US for school

 

[Rodimus Prime]

Hi all. I have a quick tax question for those that may have been in a similar situation. For any of those that get their tuitioned waived by the program of study, did you pay taxes on that tuition amt when it came time to file? In other words, does the IRS view tuition being paid for the student on behalf of their advisor as income?

Thanks as I am trying to budget for any owing I may have to shell out

if it is anything like scholarships for athletes the rules are..
Tuitions and books are tax free.
Living expenses is consider taxable income.

 

[NickZac]

I don't think so...if it is, I am outright ****ed.

 

[snberk103]

Here is a good place to start - it's some documents re: tuition on the CCRA website....


ps you may want to specify which country in your title - 'edit' then 'advanced'. Else you may get some more snarky comments.... 🙂

pps your school should be able to provide this info. They'll have had some experience with it.

 

[ender land]

if it is anything like scholarships for athletes the rules are..
Tuitions and books are tax free.
Living expenses is consider taxable income.

I believe this is true for any scholarship you receive from a higher education.

You should have received or have access to a 1098 form from your school which will help you figure this out too I believe.

I'm hesitant to say much more simply because although I'm also a grad student in a similar position I really do not want to advise someone in something as serious as taxes and not be 100% sure about it 🙂