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Application for2023Albert G. Myers Scholarship presented byFIRST GASTON FOUNDATION Gaston Community Foundation, Inc. 250 S. New Hope Road, Suite A Gastonia, North Carolina 28054ALL APPLICATIONS MUST
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Grants and scholarships are forms of financial aid that do not require repayment and are typically awarded to students based on need or merit to help cover educational expenses.
Individuals who receive grants or scholarships that exceed the cost of qualified education expenses or that are taxable must report this information on their tax returns.
To fill out information regarding grants and scholarships, taxpayers should use the appropriate tax forms (such as Form 1040) and report the amount received under the income section, along with any associated educational expenses.
The purpose of grants and scholarships is to provide financial assistance to students to promote access to education and alleviate the burden of student debt.
Taxpayers must report total amounts of grants and scholarships received, how they were used (qualified expenses or taxable), and any excess amounts if they don’t cover qualified education costs.
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