What must you include? Funds you receive (from scholarships, benefits, fellowships, and grants from the University of Florida or any other source) that, combined, exceed the cost of your tuition, fees, books, and required equipment and supplies. Income from Federal Pell Grants is counted; University of Florida loans and federal loans are not.

Since you must report such funds to the Internal Revenue Service (IRS) as income, you should keep a detailed record of your expenditures for tuition, fees, books, and required equipment and supplies. Housing and food are non-exempt, so money spent on these items is subject to income tax. If you report financial aid on your tax returns, be sure to list the same amount on your Free Application for Federal Student Aid (FAFSA) as the answer to Worksheet C (question 46 or 80) on the 2003-2004 FAFSA.

For more information, consult the IRS, your income tax form instruction booklet, your FAFSA instructions, and/or your personal tax adviser.

The Office for Student Financial Affairs (SFA) in S-107 Criser Hall, is UF’s financial aid office.

You will receive a W-2 from the university at the end of each year, and this form will indicate how much you made from all UF employment, including Work-Study employment in the prior year.

Note that although you may have to pay taxes on Work-Study earnings, you should list those earnings as income on your Free Application for Federal Student Aid (FAFSA), but then also report them as exclusions in question #46 on the 2003-2004 FAFSA. When filling out the FAFSA, read the FAFSA booklet instructions for Worksheet C carefully.

The Office for Student Financial Affairs (SFA) in S-107 Criser Hall, is UF’s financial aid office.