Lives were changed during a 2019 commencement address at Morehouse College when self-made billionaire Robert F. Smith announced that he was paying the student debt for the entire class. But wouldn’t it be better for graduates - and potential donors - if the tax questions were settled?
ATLANTA, GEORGIA - MAY 19: Robert F. Smith onstage during the Morehouse College 135th Commencement. Lives were changed during a 2019 commencement address at Morehouse College when self-made billionaire Robert F. Smith that he was paying the student debt for the entire class. Shortly afterward, those students, potential donors, and tax geeks like me began to wonder whether there would be any tax consequences as a result of the windfall .
Congress may be working on some solutions. In March, Sen. Gary Peters introduced a bill that would exclude post-graduation scholarship grants from gross income in the same manner as scholarships are currently excluded. The bill, S. 676, Workforce Development Through Post-Graduation Scholarships Act of 2019,
would exclude post-graduation scholarship grants from gross income if they are distributed through certain tax-exempt organizations. Recipients would be required to live and work in communities that meet certain requirements . The bill, which was introduced in the Senate on March 6, 2019, is co-sponsored by Sen. Shelley Moore Capito . You can read the bill, which downloads as a PDF,was introduced in the House in 2018 by Rep. Darin LaHood . H.R.
House Ways and Means Committee where it currently sits. You can read the bill, which downloads as a PDF,Under these bills, donors could make gifts to be used for scholarships to pay off acquired student debt - and qualified recipients wouldn’t have to worry about the potential tax consequences. That would be consistent with existing rules for students who have not yet graduated.
The scholarship exception does not apply to amounts which are paid in exchange for teaching, research, or other services which are a condition for receiving the scholarship . If you have to work for the scholarship or grant, that income generally taxable, though some exceptions apply.federal income tax-free - and it's the only income the student receives for the year - they’re off the hook: there’s generally no need to file a federal income tax return.
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