Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2019. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2019?

Question

Quizplus · Accepted Answer

The amount of the scholarship used for tuition and books ($40,000 + $5,000 = $45,000) can be excluded from taxable income. The portion used for room and board ($7,000) is considered taxable income.

Nicole Is a Student at USB Law School; She Receives