Tax Owed

General Discussion for SMART Scholarship Recipients
Bohemian Raspberry

Tax Owed

Post by Bohemian Raspberry »

What has everyone owed in taxes in the past? I am budgeting my stipend and need to know how much to set aside. I have seen numbers as high as $12,000 in the forum, but a lot more on the sub $6,000 side.

Tax Cuts

Re: Tax Owed

Post by Tax Cuts »

Bohemian Raspberry wrote:What has everyone owed in taxes in the past? I am budgeting my stipend and need to know how much to set aside. I have seen numbers as high as $12,000 in the forum, but a lot more on the sub $6,000 side.
Not entirely sure. My CPA calculated me owing around 5k, but after paying it the IRS issued a correction notice and refunded me a good chunk of that money.

With the recent tax law changes I believe taxes on the stipend are a lot less than before.

guest50

Re: Tax Owed

Post by guest50 »

Bohemian Raspberry wrote:What has everyone owed in taxes in the past? I am budgeting my stipend and need to know how much to set aside. I have seen numbers as high as $12,000 in the forum, but a lot more on the sub $6,000 side.
I paid about $4,500

taxes

Re: Tax Owed

Post by taxes »

I have a little bit of other self-employment income, and subsequently my own expenses I can deduct like travel etc. but I owed about 3k this year.

Post Reply