Denise receives an academic scholarship to Pollytech College. Under the scholarship agreement, she receives tuition ($1,500), books ($400), and room and board ($5,000). How much of the scholarship is included in Denise's gross income?

Question

Quizplus · Accepted Answer

Room and board ($5,000) is not a qualified education expense and is therefore included in Denise's gross income. Tuition and books are qualified expenses and are not included in gross income.

Denise Receives an Academic Scholarship to Pollytech College