The Unofficial SMART Scholarship Forum

Thought about it - but now I won't! Let me know when they get back to you.

This scholarship is not in exchange for work done...says it all over the place. Check on some of the other threads for links to turbo tax help. I posted it in at least two. As for Kiddie tax, I still don't understand how you're filing out the forms, I'm under 23 with no other income and I'm able to ...

I haven't seen my form yet - hasn't shown up yet - but everyone is say theirs was in box 7 this year - which is why we're worried.

So as non-employee comp, we can write off anything associate with school? I mean, yeah if I have to claim I'm self employed, my job is school. In which case i would think supplies, food, housing, transportation should all be my buisness expenses. If I weren't 'working' as a student I wouldn't have ...

Yeah on the support payment being part of the scholarship. Since some people don't receive the stipend but do the same work SMART is able to say it's not in exchange for work and thus still a living stipend. Our paperwork actually said almost the same thing with the NASA USRA internships. Our stipen...

I think you're right. I cannot figure out how we'd be a special case. Especially given the information we have received. And to add to that here's an answered question about stipends from Turbotax. (Shared in another thread but also relevant here.) https://ttlc.intuit.com/questions/3784995-1099-misc...

So as non-employee comp, we can write off anything associate with school? I mean, yeah if I have to claim I'm self employed, my job is school. In which case i would think supplies, food, housing, transportation should all be my buisness expenses. If I weren't 'working' as a student I wouldn't have ...

Do they send emails to the applicants when their application is denied? Pretty sure same day or the next day. For the may 5th date you either got in or you got This weird ambiguous email saying "we may have other rounds but If you don't hear from us again you didn't get it" so like it said a bunch ...

https://ttlc.intuit.com/questions/37849 ... o-i-put-it

Just gonna put this out there.

PhdSMART wrote:Its not. Report it as scholarship income on line 7 of your 1040.

That's just $ in the box and SCH in the smaller box to the right?

Here's the explanation for Box 3 vs Box 7. The most important designation, and something extremely clear in our paperwork is that this scholarship is not in exchange for work. So again I just don't understand why is it on line 7?

https://imgur.com/a/Tw7RQ

Can anyone explain how we are an independent contractor who is not self employed and our scholarship is not in exchange for work? Yet if it's in line 7 we are supposed to pay self employed taxes?

So we should be able to claim this as unearned income since we aren't employed and we also aren't self employed? But I don't know how...

Can we make a drop box or something? (Trying to get creative lol)

Who goes the route of quarterly payments? Do you estimate what you're going to make for the full year, or do you estimate it based off the stipend (25,000) and then adjust in the quarters we are paid our internship support? When I was in phase 1, I did quarterly payments. If you don't, you potentia...

The stipend should still be able to be considered scholarship income if you want it to. We aren't self employed as stated in the handbook - I'm expecting around $4000 in federal and $1000 in state for 33k a year. Some people seem to think that's not likely though?

What happens if you just don't file taxes? Personally, I live in one of the most expensive places in the US for school (not by choice) and I think it's grossly unfair that they allocate the same stipend for me as someone living in a state with much lower living costs. Obviously the taxes are going ...

Scratch that, May. Right around May 5th (give or take a few days) was the first round of emails, I ended up hearing from my SF before I got official word from smart around May 12th. Then the official second round notification was on May 15th. Others hear later from declines from the first round not...

Oh, yeah you can do it on your own before your scholarship kicks in or while you're a scholar as long as your GPA is 3.0 or above and you do your summer internships.

No. SMART doesn't cover summer classes.

Looks like my 25% will give me a nice cushion. I live in a state with pretty low state taxes so I’m probably looking at 17-18%. What percentage was taken out for state taxes for you? It pretty much broke down as $4500 federal and $2500 state for me. My state has a middle of the road income tax rate...

End of February was actually setting up an interview time!

Update ^^^ mine was the 7th too

Guest 123. If I used the ES form it estimates around $4000. We are not self employed so we don't owe social security or medicare as our stipend isn't considered for work. If that's the case it means we are taxed at 10% for the first 10,000 and 15% for the rest. Then state taxes are taken out on top...

Also. How the heck do I save 1/3rd when my housing costs almost 1/2 of my income? (In LA so no i cant find cheaper housing.)