Are scholarships reportable on 1099s?

April 3, 2019


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…

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