I'm a resident alien, and I'm studying PhD with research assistant ship, which is paid by a project that my adivor has. That means my advisor pays me stipend, which I get a W-2 for. But also pays my tuition from the same project. I got a 1098-T, which shoes $14000 in Box 2 and $300 in box 5. Can I use the LLC? I don not pay from my pocket, but as I got the 1098-T can we say that the project is paying me my W-2+$(14000-300), but the school automatically deducts the tuition and pay me the rest?
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If the assistantship is not reported to you on either a form W-2 or a 1099-Misc, you can treat it as tax free scholarship, up to $14,000. You can not claim the Lifetime Learning credit (LLC) because you did not pay with after tax money.
Alternatively, you can claim the LLC, but then you must treat $10,000 of the “scholarship” as taxable income.
If the assistantship is not reported to you on either a form W-2 or a 1099-Misc, you can treat it as tax free scholarship, up to $14,000. You can not claim the Lifetime Learning credit (LLC) because you did not pay with after tax money.
Alternatively, you can claim the LLC, but then you must treat $10,000 of the “scholarship” as taxable income.
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