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re: Tax Question - Grad Assitant
Posted on 2/9/15 at 12:27 pm to LSUFanHouston
Posted on 2/9/15 at 12:27 pm to LSUFanHouston
Thansk for the quick reply.
Not teaching, no sure if she is classified as research but I'll check.
What IRS section can I search to reference the $5250 non taxable? It seems turbotax is treating everything as gross income and taxing the entire sum.
Not teaching, no sure if she is classified as research but I'll check.
What IRS section can I search to reference the $5250 non taxable? It seems turbotax is treating everything as gross income and taxing the entire sum.
2
Posted on 2/9/15 at 12:41 pm to Drilltiger
Did you receive a 1098-T from the school? It should report amounts she paid as tuition and any scholarships/grants she received. If she got a W-2 from the school that reported all payments to her as taxable, then you should be entitled to claim a deduction for the tuition she paid. That should put you in the same place as if the school treated some of her compensation as non-taxable.
Posted on 2/9/15 at 12:48 pm to Drilltiger
127 sets the threshold of $5250, it's a qualified educational assistance plan
117 sets out a full exemption for tuition waivers of grad students involved in teaching and research activities.
Also look at pub 970
There probably is a code that needs to be put into TT.
Also, the amounts she is taxed on, she may be able to also use for educational credits and deductions.
117 sets out a full exemption for tuition waivers of grad students involved in teaching and research activities.
Also look at pub 970
There probably is a code that needs to be put into TT.
Also, the amounts she is taxed on, she may be able to also use for educational credits and deductions.
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