Hi all,
I worked for a law firm last summer and received a diversity scholarship from them.
The scholarship was for XXXXX amount, but the amount I received was about 50-65% of that.
Anyone else have experience with receiving a scholarship from a law firm after working there (to return)?
Cheers
Worked for Law Firm, their scholarship was taxed? Forum
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Re: Worked for Law Firm, their scholarship was taxed?
That sounds about right.
- nealric
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Re: Worked for Law Firm, their scholarship was taxed?
As a general matter, payments received in exchange for labor are taxable, even if they are notionally payments for school. This is different from a scholarship granted gratuitously from a school or charitable enterprise.
Keep in mind that when amounts are withheld, such withholding will not necessarily equal your actual tax liability.
Keep in mind that when amounts are withheld, such withholding will not necessarily equal your actual tax liability.