Please note: The following is general information regarding taxes and should not be interpreted to be legal tax advice. Please contact your professional tax advisor or the Internal Revenue Service (IRS) regarding scholarships and your tax situations or questions.
If you are a college student or recent graduate, you may owe taxes on some of the scholarships and grants you received over the past year. Typically, scholarships are “free money,” but there are certain circumstances that require you to claim the scholarship benefit as income, which is taxable.
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