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Warning: College Scholarships May be Subject to Income Tax

Source: blackenterprise.com - Jun 10, 2019

Did you or someone you know receive a scholarship? Congratulations! Now, double check the details of your scholarship proceeds to ensure it doesn’t turn into a major tax liability later.

The Tax Cuts and Jobs Act of 2017 brought many changes to American households – including the way scholarships are taxed for low-income college scholarship recipients. When students filed tax returns this past tax season, they were hit with a tax bill they didn’t see coming.

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Category: General Business