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Old 09-20-2013   #92
TD
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Default Re: Foster admits to taking money in college

Quote:
Originally Posted by 2012Champs View Post
They aren't 1099'd for the benefits so it wouldn't really matter what they made a year. Johnny football could have 50k in income from his investments and his college benefits wouldn't factor into his taxes.

Here is an interesting article on the topic
http://m.thinkadvisor.com/2013/08/27...uldnt-get-paid
Didn't read the link, but room and board is taxable. It is reported on 1098-T which shows tuition billed and scholarships received. Unless you can show you had qualified out of pocket expenses, you pay tax on the difference.

Interestingly any scholarship received in exchange for services is supposed to be completely taxable. I guess sports don't count.
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