Taxes on stipend?

General Discussion for SMART Scholarship Recipients

Taxes on stipend?

Postby HOrobOD » Fri Aug 18, 2017 10:09 am

So I just received my stipend deposit today and it appears it is untaxed because it is exactly 1/12 of the annual amount. Do we have to pay taxes on it? If so, is there a way to make taxes be taken out at pay time so I don't have to make sure I have enough money at tax season?
HOrobOD
 

Re: Taxes on stipend?

Postby Taxes » Fri Aug 18, 2017 10:32 am

HOrobOD wrote:So I just received my stipend deposit today and it appears it is untaxed because it is exactly 1/12 of the annual amount. Do we have to pay taxes on it? If so, is there a way to make taxes be taken out at pay time so I don't have to make sure I have enough money at tax season?


No, taxes are not taken out automatically. I'm pretty sure we all had to sign something saying we understand this. It is also in the handbook and on the forum multiple times. Make sure you read through the handbook. It is on the portal and has almost all the information you will need.. It isn't very long.
Taxes
 

Re: Taxes on stipend?

Postby GuestTax » Fri Aug 18, 2017 9:40 pm

HOrobOD wrote:So I just received my stipend deposit today and it appears it is untaxed because it is exactly 1/12 of the annual amount. Do we have to pay taxes on it? If so, is there a way to make taxes be taken out at pay time so I don't have to make sure I have enough money at tax season?


Open up a seperate savings account. Then See if you can set up automatic bill pay from your bank account to the savings account at a set date and always transfer the amount you think taxes will be.
GuestTax
 


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