Tax Information

Tax Benefits

Several federal tax benefits are available to help pay for post-secondary education. These include tax credits, tax deductions and exclusions from gross income.

Additional information on federal tax benefits (such as Publication 970: Tax Benefits for Education (PDF)) can be obtained from the Internal Revenue Service (IRS) online.

Tax Implications of Scholarships

Scholarships may be considered taxable income to you at both the state and federal level.

The revenue or tax department in the state where you file your state income tax return can provide information regarding the state tax implications of any scholarships you receive.

It is recommended that you keep a copy of all documentation you receive for any scholarships paid to you by the University of St. Thomas or other organizations. St. Thomas will provide you with an IRS Form 1098-T that indicates the amount of any scholarship(s) you received from St. Thomas during the prior calendar year.