The fabulous and ever-so-brilliant Kari is granted a scholarship to attend a spectacular East Coast University. The University offers to cover all her expenses, including her dorm, her tuition and her books for the first year.
What does the IRS expect from her?
We could answer the question by using complicated tax concepts and fancy tax words.
Or, we could simplify it. Remember that the simple answer is not the most comprehensive answer, so you’re always best using this as a starting point and seeking competent tax counsel from your accountant or attorney.none