Question Grad Students or CPAs

[threehills]

I can't get a straight answer on this and hoping someone will know given the diversity of our memberships here on MS

My wife is a PhD candidate and is such receives a stipend. The university does not file a W-2 or provide us any sort of tax documentation. Do we have to declare this on a 1099 misc (for next year)? Only a few people in her class filled one out...not including us...just wondering what to do for next year.

From reading on the net...it seems like you are supposed to pay taxes on whatever part is not used for tuition, books etc....But I have never actually heard of anyone who does pay the tax. Anyone have any expereince with this?

[thesightless]

Re: Question Grad Students or CPAs

1. real take - if they dont report it,, u dont.
2. if it is reported.,... pay estimated taxes on wages earned

http://www.revenue.state.pa.us/revenue/cwp/view.asp?A=190&Q=222162

usually average about 9% and you should be safe. i.e. not create a tax liability on the 1040 annuals. pay more, and garner more of a refund. pay less, incur a bill.

lastly, call the payer, ask them how they report it, if at all. then react accordingly.

[ddr]

Re: Question Grad Students or CPAs

if she pays tuition, it should be reported on her 1098-T as an offset to tuition paid for the year.

if its not on there, then go sightless' route.

that's at least my understanding of it.