in Education
I received an Americorps Award for $5815 for 2018, and used that all toward my graduate degree costs.
How do I file this so I don't get charged a self-employment tax? Secondly, how do I prove that I had this directly sent to my university? Should I just say I spent $5815 on my education costs for this past year?
Note: I see similar questions were posted before, but nothing for this year. I want to make sure everything is the most updated, and to ask specifically how to prove that I used this money directly for my tuition for grad school.
Thank you
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You can use it to pay for education, but it is not the same as a scholarship. You cannot offset the income with the education expenses. You do need to claim it as income. Education expenses may be used by you to apply for an education credit if you are otherwise eligible. You do not need to pay self-employment tax on the income. It should be reported as "Other Income".
You can use it to pay for education, but it is not the same as a scholarship. You cannot offset the income with the education expenses. You do need to claim it as income. Education expenses may be used by you to apply for an education credit if you are otherwise eligible. You do not need to pay self-employment tax on the income. It should be reported as "Other Income".
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