Paying taxes

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First, this is just advice - and no one but you is responsible for your taxes. That being said, here's a helpful website:

http://www.yale.edu/tax/gradstudtax2005/SummaryTaxTreatmentofPayments.htm

Cheryl is a wonderful resource as well.

  • All of your stipend is taxable. Sorry, kid.
  • None of the tuition is taxable.
  • We don't have withholding, so you have to calculate it yourself.
  • However, there are two tax breaks you might consider: The lifetime learning credit (up to $3000 for required fees), and the hope lifetime learning credit - these can substantially adjust your tax burden.
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