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Please help me fill out the form with the corresponding information on Joanna Gaynes. I would like to cross-reference and make sure I have filled
Please help me fill out the form with the corresponding information on Joanna Gaynes. I would like to cross-reference and make sure I have filled it out correctly and in it's entirety. Thank you.
Joanna Gaynes was an amazing high school student and so it was no great surprise when she was accepted into Prestige Private University (PPU). To entice Joanna to attend PPU, the school offered her a reduced tuition of $13,000 per year (full-time tuition would typically be $43,000 per year). PPU also has a scholarship program thanks to a large donation from William Gatos. Joanna was the Gatos Scholarship winner and will receive a scholarship for $20,000. Joanna is required to use the scholarship first to pay her $13,000 tuition and the remainder is to cover room and board at PPU. Lastly, PPU also offered Joanna a part-time job on the PPU campus as a student lab assistant in the Biology Department of PPU for which she is paid $1,500. 0 Worksheet 1-1. Taxable Scholarship and Fellowship Grant Income Keep for Your Records 1. Enter the total amount of any scholarship or fellowship grant for 2019. See Amount of scholarship or fellowship grant, earlier. 1. If you are a degree candidate at an eligible educational institution, go to line 2. If you aren't a degree candidate at an eligible educational institution, stop here. The entire amount is taxable. For information on how to report this amount on your tax return, see Reporting Scholarships and Fellowship Grants, earlier. 2. Enter the amount from line 1 that was for teaching, research, or any other services required as a condition for receiving the scholarship. Don't include amounts received for these items under the National Health Service Corps Scholarship Program, the Armed Forces Health Professions Scholarship and Financial Assistance Program, or a comprehensive student work-learning-service program (as defined in section 448(e) of the Higher Education Act of 1965) operated by a work college (as defined in that section) 2. 3. Subtract line 2 from line 1 3. 4. Enter the amount from line 3 that your scholarship or fellowship grant required you to use for other than qualified education expenses 4. 5. Subtract line 4 from line 3 5. 6. Enter the amount of your qualified education expenses 6. 7. Enter the smaller of line 5 or line 6. This amount is the most you can exclude from your gross income (the tax-free part of the scholarship or fellowship grant) 7. 8. Subtract line 7 from line 5 8. 9. Taxable part. Add lines 2, 4, and 8. See Reporting Scholarships and Fellowship Grants, earlier, for how to report this amount on your tax return 9. Form 100 MIR If van file Corm 10 MID renart the toy free to the avtent uead for Qualified aduation avanenStep by Step Solution
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