I received a $6000 research award. The website for the award states that this amount is to be administered as a stipend. I received my payment over the course of this past summer during which I completed a research project. I completed a W9, but no tax was withheld from the award I received this summer. My total income for the tax year will barely be over $6000 (not more than $6500). How much can I expect to pay in taxes?
You'll need to sign in or create an account to connect with an expert.
If your stipend is
education related, then you will need to determine if it's taxable.
Non-Taxable Fellowship - A fellowship payment received by a candidate for a degree, also called a “scholarship” payment by the IRS, is not taxable income to the student if it is used only for tuition and required fees and/or course related expenses, such as fees, books, supplies and equipment that are required of all students enrolled in courses. These payments are not taxable income to the student.
Taxable Fellowship – A payment, typically known as a "stipend", used for living and incidental expenses such as room and board, travel, equipment, i.e. computer or other expenses that are not required of all students enrolled in courses. These payments are taxable income to the student.
Please review IRS publication 970, Tax Benefits for Education for additional information - www.irs.gov/pub/irs-pdf/p970.pdf
If the research award is taxable, how much you have to pay in taxes will depend on how you file your tax return. Are you considered a dependent for tax purposes?
What is a dependent?
If your stipend is
education related, then you will need to determine if it's taxable.
Non-Taxable Fellowship - A fellowship payment received by a candidate for a degree, also called a “scholarship” payment by the IRS, is not taxable income to the student if it is used only for tuition and required fees and/or course related expenses, such as fees, books, supplies and equipment that are required of all students enrolled in courses. These payments are not taxable income to the student.
Taxable Fellowship – A payment, typically known as a "stipend", used for living and incidental expenses such as room and board, travel, equipment, i.e. computer or other expenses that are not required of all students enrolled in courses. These payments are taxable income to the student.
Please review IRS publication 970, Tax Benefits for Education for additional information - www.irs.gov/pub/irs-pdf/p970.pdf
If the research award is taxable, how much you have to pay in taxes will depend on how you file your tax return. Are you considered a dependent for tax purposes?
What is a dependent?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
perruco
New Member
joshuaB
New Member
kimberlygraphics
New Member
brittanynicole13
New Member
2poos1baby4me
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.