Scholarship and Fellowship Recipients: Understand Your Tax Filing Requirements
The IRS Tax filing deadline is on Monday, April 15, 2013. Federal Government Agencies require students to determine taxation of scholarships and fellowships when filing annual income tax returns. Common questions from scholarship and fellowship recipients include: Are student scholarship or fellowship payments treated as wages for services rendered? If not, to what extent are payments subject to federal income taxes under the Internal Revenue Code? If taxable income, are payments subject to self-employment taxes under the Social Security Act? How can students reduce taxable income or taxes with related expenses or credits? What if a student has multiple state…
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