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Joanna Gaynes was an outstanding high school student, so her acceptance to Prestige Private University came as no surprise (PPU). PPU gave Joanna a reduced tuition of $13,000 per year to attract her to attend (full-time tuition is generally $43,000 per year). Thanks to a generous grant from William Gatos, PPU also maintains a scholarship program. Joanna won the Gatos Stipend and will get a $20,000 scholarship. Joanna must use the scholarship to pay her $13,000 tuition first, and the remaining to fund room and board at PPU. Finally, PPU offered Joanna a part-time employment on the PPU campus as a student lab assistant in the PPU Biology Department, for which she accepted.
Required: Go to the IRS website (www.irs.gov) and locate Publication 970. Review the section on Scholarships.
Required: Write a letter to Joanna Gaynes stating how much of the PPU package for Joanna is taxable.
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