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Re: Taxable Fellowship Stipends? bloksberg-Fireovid (17 Apr 2002 12:55 EST)

Re: Taxable Fellowship Stipends? bloksberg-Fireovid 17 Apr 2002 12:55 EST

Please call me at 301-975-5457. Thank you

At 01:44 PM 4/11/2002 -0500, you wrote:
>Marie:
>
>According to the guidelines we generally follow, fellowships are considered
>compensation and are taxable if there obligations associated with the
>award.  Obligations could be current or future service requirements such as
>conducting research, teaching in a certain location, practicing medicine in
>underserved rural area, or a requirement to pay back the award if you do
>not complete your program of study, etc.  In short, the fellowship should
>be a scholarship to be tax free.  Even if it is not compensation there are
>other IRS requirements including being a degree candidate, an absence of
>restrictions on items of expenditure, and the extent to which the funds
>cover tuition, fees, books, and supplies (the excess may be taxable).
>
>NACUBO has a detailed publication on this issued in February, 2001 written
>by Diane Cornell and Mary Rauschenberg.
>
>Jeff Myers
>Southern Illinois University
>
>At 03:53 PM 4/10/02 -0400, Marie Smith wrote:
>>Hi All
>>
>>I just had a very distraught student come in to my office.  He is receiving
>>a federal fellowship stipend.  He was told by the awarding agency that it is
>>not taxable.  H&R Block did his taxes last year and told him that it was not
>>taxable.  He received no 1099 or other forms indicating that he needed to
>>pay taxes.  He just received an e-mail from his program officer saying that
>>his stipend is, indeed, taxable.
>>
>>If anyone has had experience with this, I would appreciate any insight you
>>can give.
>>
>>THANKS,
>>Marie
>>
>>
>>
>>%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
>>Marie F. Smith, CRA
>>Manager of Grants Administration
>>Institute of Ecosystem Studies
>>PO Box AB, 65 Sharon Turnpike
>>Millbrook, NY 12545
>>Tel: 845-677-5343
>>Direct Line: 845-677-7600 x 202
>>FAX: 845-677-5976
>>E-mail: xxxxxx@ecostudies.org
>>http://www.ecostudies.org
>>
>>
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