SCHOLARSHIP INCOME
My son received a little more than $25,000 in scholarship income above the cost of tuition. TT is saying he owes about $8k in federal taxes. Is this because the bulk of this amount is tax at his parent's higher income tax bracket?
My son received a little more than $25,000 in scholarship income above the cost of tuition. TT is saying he owes about $8k in federal taxes. Is this because the bulk of this amount is tax at his parent's higher income tax bracket?
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