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Taxable Grants

The IRS generally doesn’t require students to treat educational grant money they receive to finance college and university tuition as taxable grants. In addition, the grants that veterans receive to help defray the costs of accommodating a military-related disability and the funds that help residents recover from the losses caused by a natural disaster aren’t taxable grants either.

Pell Grant Taxes

The U.S. Department of Education commonly awards Pell grants to students whose Free Application for Federal Student Aid (FAFSA) shows a financial need. If you receive a Pell grant, the IRS doesn’t include it in your taxable income – provided you use it for specific school expenses and satisfy other requirements. For your Pell grant to be tax-free, you have to enroll in a recognized degree program, vocational training program or take classes at a school that’s authorized to apply your credits towards a degree. Moreover, Pell grant funds must be used to pay tuition and fees, and to purchase books, supplies and equipment. The award is a taxable grant if you use it to pay room and board or for personal expenses. In this case, you include part of the Pell grant in your taxable income when filing your tax return.

Taxable Scholarships

The IRS treats private scholarships and other fellowships in the same way as Pell grants. However, the agency clearly states that all school grants you win as a prize in a competition or as compensation for providing services, such as earning a stipend when serving as a research assistant to faculty members, are fully taxable grants on your 1040. One exception, however, are athletic scholarships that are contingent on you playing for one of your school’s sports teams.

Veteran Grants Taxation

The U.S. Department of Veterans Affairs gives veterans who become disabled as a result of their military service, grants to reduce the financial burdens they face. This includes grants to make improvements to your home, such as making it wheelchair accessible, and to purchase special vehicles if you lost functionality of a limb. Provided you use the veteran grant to pay for disability-related expenses, the IRS will not treat it as a taxable grant and you don’t have to report it on your tax return.

Disaster Relief Act

The Disaster Relief and Emergency Assistance Act allows the federal government to provide financial grants to taxpayers who live in an area that’s affected by a natural disaster. Typically, these grants can help you get medical care, housing, transportation and can even cover funeral expenses. The IRS will not require the emergency disaster grant to be included in your taxable income. But just like the other grants, you must use the funds for the intended disaster-relief purposes. And if you have insurance coverage for the same expenses you’re your disaster relief grant should be used for, the insurance proceeds are taxable.

Reference: IRS Publication 970-Tax Benefits for Education