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?
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!