Laura is a student at a state university. In 2015, she received a scholarship of $5,000 for tuition and fees and an assistantship for $3,000. What is the amount that Laura must report in income?

Question

Quizplus · Accepted Answer

Only the assistantship of $3,000 is considered taxable income. The scholarship for tuition and fees is not taxable as long as it is used for qualifying educational expenses. Therefore, Laura must report $3,000 in income.

Laura Is a Student at a State University