My son won three awards/scholarships this year. He's a senior in high school. It's not clear to me which of these awards need to be reported to his college.
a) $2,000/yr award from my work. They requested info on his college and any financial aid awarded to determine the amount. Not sure how they make payments, but I believe to the student.
b) High school has various awards. He won one such award for a one time award of $500. I needed to submit proof of college (ie., the deposit). Payment made via check to student.
c) He won a music award for around $500 given to high school seniors from a local music shop. No mention of college anywhere. Payment made via check to student.
Three questions:
1) Clearly, (a) needs to be reported. I believe (b) needs to be reported as well as it seems college specific. I would think (c) does not need to be reported since it does not appear to be related to college. Agree?
2) Do these awards appear on the FAFSA/profile anywhere? Untaxed income?
3) My son is doing a gap year. For (a), they will defer his award. For (b) they just said they are sure we can find a use for it. I suggested the deposit and they said sure. Does the gap year affect reporting? He is receiving (b) and (c) now but not starting college till Fall 2017.
Thanks for any input
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