STYLETHREAD -- LET'S TALK SHOP!

DC Shopper · Dooney & Bourke

question: taxes, assistantships, and loans?

lsubatgirl · Gucci

Are you receiving a check from your department that you get to keep or does it go straight to tuition? I think that as long as you aren't getting to keep the money you don't have to report it but don't quote me on it.
The loans I don't think you report on taxes. I can pull out my 2004 federal income tax book at home tonight though for you.

[QUOTE]what about filling out a renewal FAFSA, where do i report 2004's tuition remission? under "other untaxed income and benefits"? "money received not reported elsewhere"? or, "grant and scholarship aid (reported in the adjusted gross income)"? - except there's nowhere to report grant and scholarship aid in the AGI section...[/QUOTE]

Ok on the FASFA I would put the tuition remission on the grant and scholarship aid since that is what it closely resembles and just ignore the agi part. Is there someone in the financial aid office at school you can ask about that. It seems like the school people would know the answer.

[QUOTE]"have you received payments to an IRA"...which makes no sense to me...how can you RECEIVE a payment that is TO an IRA? [/QUOTE]
The only way I know that you can receive pymts to an IRA is if you are changing jobs and changing your IRA plan then you would get a check to put into another IRA. Maybe they are talking about employee contributions that you have to put in yourself that you might not have put in??

Sorry I'm not much help. I'll pull out the book later tonight and post either tonight or tomorrow what I find.

Suze · Nine West

I think that tuition remission is taxable if you are in graduate school. I received it because my dad was a professor and I believe that he got taxed on it. But, I think you can somehow use the education credits to offset it. I'm not sure of the details because it did not affect my personal taxes, but my dad got all of the information he needed from the student accounts office at the school. They should be able to tell you and may even have written instructions. Sorry I don't know the details!

DC Shopper · Dooney & Bourke

well, the remission goes straight to the school, so I don't see any of it. I don't think it's taxable because it's kind of like a scholarship or grant, but can only be used for tuition, so...I think it's ok. I actually called the IRS and the lady was like, if you didn't pay for school out of your own pocket (or a loan), you can't get an education credit. so i think i'm all set on the federal tax return.

on the FAFSA i think i totally f'ed it up but i will chat with the bursar's office (always a good time.) the IRA stuff i'm confused about - i rolled over my 401k into a regular IRA but I know I can't get taxed on that so I just skipped that question. eh. if there's a problem they'll let me know.

Thanks for the helpful responses, though, girls!