Are scholarships reportable on 1099s?

April 3, 2019

Share

Q. My company sometimes gives out scholarships to students to cover tuition, room & board, etc. They also might give out a trip as part of a prize package that comes with spending money. Are those amounts recorded in box 3 or box 7 of the 1099?  A. Scholarships and fellowships awarded to U.S. tax residents are not Form 1099 reportable.  The fair market value of prizes given to U.S. residents is reportable in box 3 of the Form 1099-MISC. ----- This question was answered by COKALA Tax Information…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise member — or upgrade your Starter membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today


Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Newsletter

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500