Hi, My daughter, a college sophomore, receives an annual scholarship that offsets almost 1/3 of tuition. This year, 2025, we want to make a non-qualified withdrawal in that amount. The earnings portion of this withdrawal is taxable, but should not be penalized an extra 10% because it is matched by a scholarship. However,…
Hello, I wanted to know whether fee paid to college come under tax deduction? Whether it is part of standard deduction? or itemized deduction? If yes, what other expenses can be claimed under tax deductions? Is there any limit on this expense?
How do I exclude interest earned from an I Bond in the year we paid higher education expenses? Thank you
My wife and I are filing jointly. She's a student and received the Pell Grant, the Washington College Grant, and the Washington College Bridge Grant. These covered her college expenses with some aid still left over, so she received a $1,600.00 refund direct deposited into our joint bank account. My question is this: Do I…
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