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Ann Arbor Michigan Form 1099-K: What You Should Know

SUMMARY | Tax On Tuition Grants — University of Texas at Dallas Foundation 1. What is a qualified college tuition grant? A college tuition grant is a tax-deductible contribution to a qualified student's university tuition and related fees. A qualified university tuition grant is taxable income to the donor. SUMMARY | Taxable University of Texas Student Donations The tax ability on tuition and related fees is the same for scholarships, grants (other than tax-exempt) and tuition vouchers. The following tables summarize the tax consequences. 2. How am I expected to report my gift of a qualified college tuition grant received from my family member on my tax return? You generally will report any qualified tuition grants to your partner on Schedule A at line 20. 3. Is the qualified college tuition grant taxable income to the grantee who received it? If you are required to file a Form 1099-Q for the taxable distribution, then yes, you are required to report the taxable income to your family member. SUMMARY | Tax on Qualified Tuition Grants 2. How is a college tuition grant reportable on line 21? The taxable tuition grant report to line 21 of Form 1040. If you make a Form 1099-Q for a qualified tuition grant, then you must enter the grant on line 21 of Form 1040. If you receive a Form 1099-Q from a family member who made a qualified tuition grant, and the grant was intended for your university education, you must complete line 21 of Form 1040 and enter the grant on line 21. If you don't want to take a separate 1099-Q, fill out Form 1098-C. Schedule E includes the gross income and taxable distribution information for your tuition and related fees to your college.  4. If your eligible college receives a check from a family member, is the check taxable income to the college? The check you receive from your family member is income to the college. The check was taxable income to your family member on the date the check was given to the college. SUMMARY | Taxable College Tuition Grant Payments 1. How do I report the tax consequences for a college scholarship? 2. How do I report the tax consequences for the qualifying school tuition grant? SUMMARY | Reporting College Scholarship Tax on Schedule F This is the form to report the tax consequences for a qualifying college tuition grant.

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