Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Taxes (https://www.askmehelpdesk.com/forumdisplay.php?f=320)
-   -   Resident Alien reporting Stipend (https://www.askmehelpdesk.com/showthread.php?t=457971)

  • Mar 15, 2010, 03:36 PM
    clarkchong0
    Resident Alien reporting Stipend
    Dear all,

    I have a question about filing my tax return.
    I just became Resident Alien for tax purpose this year. And I am still receiving 1042-S from my school showing the amount of stipend paid to me and how much of which is withheld. (Income Code: 15 Scholarship or fellowship grants)
    I tried using TaxACT to file my tax online, however, I wasn't given a place to report the numbers on 1042-S.

    Instead, because of my low income (not counting the sitpend), I was offered Making Work Pay Tax Credit and EITC.

    Here are my 2 questions:
    1) Where shall I report my stipend income?
    2) If my total income including the stipend and wage comes to the amount of $19500, am I still eligible for any of the above tax credits?

    One remark: I tried asking the school to cancel my 1042-S and give me 1099 Misc instead, but they insist 1042-S is the correct form for them.

    Thank you!

    Best regards,
    Clark
  • Mar 15, 2010, 08:18 PM
    MukatA

    If you are a degree candidate and if the financial aid (includes scholarship and fellowship) is for tuition fee, other fees, books, supplies and equipment, then it is not taxable. For a degree candidate aid for boarding and travel are taxable. If you are not a degree candidate, then all the financial aid is taxable. Scholarship and fellowship grants, Your U.S. Tax Return: The U.S. Income Tax Topics 1
  • Mar 19, 2010, 10:28 PM
    clarkchong0

    Thanks Mukata.
    It turns out that TaxACT actually has a help topic addressing my concern. I am attaching here for others reference :)
    Help Topic: Form 1042-S - Box 1, Code 15 Scholarship or Fellowship Income
    TaxACT FAQs

  • All times are GMT -7. The time now is 03:50 PM.