How to file tax forms for scholarships and grants
Wednesday, Apr. 15, the week before finals begin, is the tax deadline for this year. While the Financial Aid Office does not provide tax assistance to students or parents directly, there are resources available online and more student specific information explained below.
For students with grants and scholarships, they are largely untaxed unless the money is used for an unqualified educational expense, such as room and board, utilities, other non-required supplies, or if a student is not degree-seeking. They can also be taxed in the case of a stipend, money for services provided or expected to be provided in the future.
International students must file the 8843 form regardless of working or income status. They must also file the 1098-T form if receiving a taxable scholarship or fellowship grant, income partially or totally exempt from tax, or any other taxable income. Foreign income, bank interest, investment interest, tax free scholarships or fellowships, or any other nontaxable income does not require 1098-T filing.
Students can find their scholarship and grant information on Experience under the Financial Aid tab, and further tax information under the Student Tax Forms tab. If a student has an on-campus job, that tax information should be found under the Student Tax Forms tab as well. In the case of off-campus jobs, employers will mail tax information either physically or through email. If unreceived, or misplaced, a new form can be requested from your employer.
The IRS website has a page dedicated to finding different partners to file taxes through. Different providers will have different income requirements and costs, so the page also provides a tool for narrowing down which websites someone is eligible to file through.
The consequences for filing late are 5 percent of the taxes owed, accruing each month they’re late, up to a maximum penalty of 25 percent. For more information, visit the IRS website at irs.gov.
