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totallymytravis
FiLifer

totallymytravis asked 9 months ago in Checking Accounts

Bank Deposits

My wife and I got a travel scholarship from our school for $6,500 each. We need to deposit the checks but are worried about loosing our government benefits, how can we deposit this money without it getting reported?

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Ari Weinberg
FiLife Contributor
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You need to determine the taxability of that scholarship. You can read about it here - http://www.finaid.org/scholarships/taxability.phtml - to determine if its taxable and would need to be reported.

What government benefits are you concerned about?

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