Yes, it is taxable income, which means, if you are selected, you will want to make sure to budget for paying taxes on it when you file each year, as well as save receipts related to your Fellowship so that you can write them off (usually on your Schedule C form) when you file for taxes. Please note that Springboard staff cannot give direct tax or finance advice for specific situations. We recommend that you find a CPA in your community that can give you advice if you receive the Fellowship.