The Unofficial SMART Scholarship Forum

Has anyone received their 1099 form from ASEE yet?

no

I'll be honest, I haven't consulted with a tax professional but it's my understanding that we have to do quarterly estimated taxes and the deadline is tomorrow. (It was actually Jan 15, but I think if your new source of non-withheld income started after the Q3 quarterly deadline, you can wait till Jan 31.)

What I'm doing is just manually adding everything SMART has given us prior to Dec 31 and using that. The size of the check I'm going to have to cut the IRS is pretty gigantic, and I could really use our full January paycheck about now...

smart_hopeful wrote:I'll be honest, I haven't consulted with a tax professional but it's my understanding that we have to do quarterly estimated taxes and the deadline is tomorrow. (It was actually Jan 15, but I think if your new source of non-withheld income started after the Q3 quarterly deadline, you can wait till Jan 31.)

What I'm doing is just manually adding everything SMART has given us prior to Dec 31 and using that. The size of the check I'm going to have to cut the IRS is pretty gigantic, and I could really use our full January paycheck about now...

Are internship support payments included in our income? I'm assuming yes, but I thought I'd ask since we do not have our 1099 forms yet.

Yes I believe the ISP are included as income as is the book stipend. The health insurance stipend I believe is the only thing not considered income.

annoyed wrote:Yes I believe the ISP are included as income as is the book stipend. The health insurance stipend I believe is the only thing not considered income.

I'm a member of the 2009 cohort, and this was true in the past. But that was because the health insurance was not a stipend, it was a reimbursement.

If they are paying a stipend, it may very well appear on the 1099 as income and you will be responsible for documenting any health insurance deductions you want to take.

Wait and see for 2012 I'm guessing.

I emailed about the 1099 this week and they said that the forms would be mailed out this week. They were late in coming last year.

And yes, the ISP is included in that income. And definitely pay your quarterly taxes. My first year, I didn't worry about the quarterly for the Aug-Dec period and took a massive penalty on my taxes that year. I made sure I did the quarterly payments after that. We'll see how that helped when it comes time to do my taxes this year.

I still have not received my 1099, is anyone else still waiting? If they were sent on the 31st (as they are legally obligated to do) then they should have arrived at this point.

Got mine just now. It was sent 2/1.

Got mine yesterday afternoon.

I received mine 2 days ago.

I haven't even received mine yet. I hope it will come today. It's hard to believe that it took two weeks to get to me.