Question

nicole is a student at usb law school; she receives a $52,000 scholarship for 2021. of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. how much of the scholarship is excluded from taxable income for nicole in 2021? group of answer choices

Answer 1

If a student at usb law school; she receives a $52,000 scholarship for 2021. of the $52,000, $40,000 is used for tuition, $5,000 is used for books.  The amount of  scholarship that  is excluded from taxable income for nicole in 2021 is : $45,000.

Amount excluded from taxable income

Using this formula to determine the amount that is excluded

Amount excluded from taxable income = Tuition + books

Where:

Tuition = $40,000

Books = $5,000

Let plug in the formula

Amount excluded from taxable income = $40,000 + $5,000

Amount excluded from taxable income = $45,000

Therefore we can conclude that the amount of $45,000 will be excluded.

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