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My understanding is that scholarships that are in amounts more than tuition, books, and fees are taxable income. Does the matchup have to be for each semester or just for the tax year. In particular, the kid got scholarships this fall that cover more than tuition, etc. (yay kid!). But in the spring semester, I paid tuition not covered by a scholarship that is more than the excess this fall. Does that cancel the extra scholarship this fall since it is in the same tax year? Or do I have taxable income from the scholarship since there was extra this semester?
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