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Your W-2 income and stipend income are both taxable. However, you must report your stipend properly or you will be liable for self-employment tax on your stipend which will increase the tax you owe.
Follow these steps to report your stipend income to ensure it is not subject to self-employment Tax:
This will put your stipend income on Schedule 1 Line 8 of your 1040, as required by the IRS. You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.
Review your tax situation to ensure that you are receiving any educational tax credits/deductions you may be eligible for.
Your W-2 income and stipend income are both taxable. However, you must report your stipend properly or you will be liable for self-employment tax on your stipend which will increase the tax you owe.
Follow these steps to report your stipend income to ensure it is not subject to self-employment Tax:
This will put your stipend income on Schedule 1 Line 8 of your 1040, as required by the IRS. You will pay state and federal income tax on the amount, but it will not be subject to self-employment tax.
Review your tax situation to ensure that you are receiving any educational tax credits/deductions you may be eligible for.
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