Nicole is a student at USB Law; she receives a $52,000 scholarship for 2014. Of the $52,000, $40,000 is used for tuition, $7,000 is used for books, and $5,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2014?

Question

Quizplus · Accepted Answer

Scholarships used for tuition and books are generally excluded from taxable income. Therefore, $40,000 for tuition and $7,000 for books, totaling $47,000, are excluded. The $5,000 used for room and board is not excluded.

Nicole Is a Student at USB Law; She Receives a $52,000