Tuesday, November 15, 2011

Does the Federal Student Aid TEACH grant count as taxable income when filing for your 2009 taxes or not?

I received a 1098-T statement a few days ago for 2009 which reported in box 5 a $4,000 grant awarded to me as part of the Federal Student Aid TEACH Grant. The funds were disbursed to my undergraduate college (@ SUNY Potsdam, The Crane School of Music) account in early 2009, after I had graduated. Is this grant considered to be part of my taxable income, or is it something that does not need to be claimed under the scholarships and grants outlines by the IRS?

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