Cheryl Winokur-Munk

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1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · College-Related Tax Deductions: Are You Eligible? · 5 Apr 2022 podcast
So the amount you receive has to be used to pay for tuition and fees required for enrollment or attendance or for fees, books, supplies, equipment, et cetera, for your coursework.
So if you're going to use that scholarship amount to pay for something such as room and board or travel or maybe optional equipment, that actually has to be included in your gross income.
And there's an additional condition.
A lot of people will be paid for teaching or research.
And that's on condition of receiving a scholarship.
But whatever pay you receive for the work you do generally has to be included in gross income.
There are, again, certain exceptions.
So, again, always check the rules because these things are so complicated.
You can't say, you know, in every case it's X, in every case it's Y. You really just have to check the rules.
So generally speaking, if your loan is canceled or repaid by someone else, the portion of that loan should be included in gross income.
And that's what the IRS's general rules are.
But there are exceptions, as with every rule.
And under public service loan forgiveness program, student loan amounts forgiven aren't included in gross income.
In 2021, and at least through 2025, borrowers who don't qualify for public service loan forgiveness
get this reprieve from taxes on forgiven amounts.
And that's all because of the American Rescue Plan Act of 2021.
So that's going to help borrowers who have achieved or who will achieve forgiveness in these next few years under what's called an income-driven repayment plan.
And an income-driven repayment plan is based on your income and family size.
So one thing to know about that, there are actually efforts afoot to make this reprieve permanent.
It's part of President Biden's recently unveiled tax plan.
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