Estimated Quarterly Taxes

General Discussion for SMART Scholarship Recipients
SMARTgirl

Estimated Quarterly Taxes

Post by SMARTgirl »

Can anyone shed some light on the estimated quarterly tax amount? This is my first year with the scholarship, so I'm not sure what amount I'm supposed to use to calculate my withholdings.
Am I supposed to estimate my taxes based solely off of the $25000 stipend amount, or do I include my healthcare stipend, book stipend, internship support payments, tuition, or a combination of those amounts into my taxable income amount?

biograd

Re: Estimated Quarterly Taxes

Post by biograd »

I can tell you about my tax experience so far.

I filed my taxes with a CPA. They considered the payments as scholarship income, meaning I did not have to pay FICA taxes, but paid federal and state taxes. Everything is considered (the healthcare and technology stipend, internship payments, travel money to the site visit). I paid a little less than 10% of the total amount SMART provided me.

Hope this helps!

SMARTgirl

Re: Estimated Quarterly Taxes

Post by SMARTgirl »

biograd wrote:I can tell you about my tax experience so far.

I filed my taxes with a CPA. They considered the payments as scholarship income, meaning I did not have to pay FICA taxes, but paid federal and state taxes. Everything is considered (the healthcare and technology stipend, internship payments, travel money to the site visit). I paid a little less than 10% of the total amount SMART provided me.

Hope this helps!
Should I also include my tuition costs?

biograd

Re: Estimated Quarterly Taxes

Post by biograd »

No. You will get a 1098T from your school to file, but you won’t be taxed on the tuition amount.

Post Reply