Get the free Graduate Fellowship Tax Worksheet - udel

This document serves as a guide for recipients of Graduate Fellowship Awards in calculating taxable income from their stipends and understanding the withholding of federal and state taxes.

How to fill out graduate fellowship tax worksheet

How to fill out Graduate Fellowship Tax Worksheet

1. Gather all relevant financial information including fellowship amounts and any other taxable income.
2. Begin filling out the personal information section with your name, address, and Social Security number.
3. Enter the amount of the graduate fellowship received during the tax year in the specified field.
4. Include any adjustments or deductions that apply to your fellowship income as instructed.
5. Review the worksheet for any additional required fields such as taxable scholarships or grants.
6. Check for accuracy and complete any necessary calculations as indicated on the worksheet.
7. Sign and date the worksheet before submission to your financial aid office or tax preparer.

Who needs Graduate Fellowship Tax Worksheet?

1. Graduate students receiving fellowships or grants that may be considered taxable income.
2. Students who need to report fellowship income for tax purposes.
3. Individuals seeking to determine the tax implications of their graduate funding.

People Also Ask about

Are graduate assistantships taxable?

This is required by federal law. Under Internal Revenue Service regulation (IRC 127), tuition remission awarded to graduate service assistants are considered taxable income once the total tuition remission amount exceeds $5,250.

How do I report a fellowship stipend on my taxes?

Stipends reported to you on a stipend letter are treated for tax purposes as taxable scholarships. Per IRS Publication 970, taxable scholarships and fellowships should be reported on the tax return as follows: Form 1040 – Schedule 1, Ln 8r Scholarship and fellowship grants not reported on Form W-2.

Is an NSF graduate fellowship taxable?

The NSF stipend will be paid through Caltech's payroll as a fellowship and under current taxation guidelines is considered taxable income.

Are graduate fellowships taxable?

The Internal Revenue Service (IRS) and the California Franchise Tax Board (FTB) consider graduate fellowships taxable income. A portion of fellowship may be excludable from your gross income. Your fellowship payments may include fee, nonresident-tuition, or stipend awards.

Do you have to pay taxes on a PhD stipend?

All fellowships you receive (non-compensatory pay that may result in a 1099-MISC, a 1098-T, or no forms at all at tax time), whether you receive them in your bank account or your Bursar account, should be tallied up. Then you subtract out your qualified expenses (tuition, fees). The remainder is your taxable income.

How are graduate fellowships taxed?

Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form 1040 or Form 1040-SR, include the taxable portion in the total amount reported on the “Wages, salaries, tips” line of your tax return.

Is postdoc fellowship taxable?

Because of their status as non-degree candidates, fellowship income received by a Postdoctoral Scholar is considered fully taxable by the federal and state tax boards.

How do I report fellowship income on TurboTax?

If you have offsetting education expenses enter the scholarship or grant as part of your education expenses in that section of TurboTax. If you are not a candidate for a degree, or if you do not have offsetting education expenses, the fellowship should be reported as less common income.

For pdfFiller’s FAQs

What is Graduate Fellowship Tax Worksheet?

The Graduate Fellowship Tax Worksheet is a document used by graduate students to report fellowship income on their tax returns.

Who is required to file Graduate Fellowship Tax Worksheet?

Graduate students who receive fellowship income and need to report this income for tax purposes are required to file the Graduate Fellowship Tax Worksheet.

How to fill out Graduate Fellowship Tax Worksheet?

To fill out the Graduate Fellowship Tax Worksheet, students must provide personal information, details about the fellowship income received, and any relevant deductions or adjustments.

What is the purpose of Graduate Fellowship Tax Worksheet?

The purpose of the Graduate Fellowship Tax Worksheet is to assist students in accurately reporting their fellowship income to ensure compliance with tax regulations.

What information must be reported on Graduate Fellowship Tax Worksheet?

The information that must be reported on the Graduate Fellowship Tax Worksheet includes the total amount of fellowship income received, identification as a graduate student, and any applicable expenses related to the fellowship.