Tax Information

Tax Information for Graduate Students

Graduate students may have unique tax considerations due to their income sources, tuition expenses, and potential tax benefits. Understanding these factors can help you file accurately and take advantage of available deductions or credits.

Taxable vs. Non-Taxable Income

Taxable Income: Graduate assistantships, research stipends, and teaching stipends are considered taxable income.
Fellowships and grants used for living expenses (e.g., housing, food, travel) are also taxable.
Non-Taxable Income: Scholarships, fellowships, and grants used for qualified education expenses (e.g., tuition, books, required fees) are not taxable.

Deductions and Credits

Lifetime Learning Credit (LLC):听Available to graduate students for qualified tuition and fees.
Can reduce tax liability by up to $2,000 per year.
Student Loan Interest Deduction: If you are repaying student loans, you may be able to deduct up to $2,500 in interest paid annually.

Tax Forms You May Receive

Form W-2: If you receive a salary from your university (e.g., as a graduate assistant), you will get a W-2 for reporting taxable income.
Form 1098-T: Issued by your school, showing tuition payments and scholarships/grants received.
Form 1099-MISC or 1099-NEC: If you receive a fellowship or contract work, you may receive this form instead of a W-2.

For more information, visit the page.

Education tax credits can help offset those costs. The American Opportunity Credit and the Lifetime Learning Credit are education credits you can subtract in full from your federal income tax, not just deduct from your taxable income.

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The IRS has a variety of resources that may answer many of your tax filing questions. Before you go anywhere else, look here for the source that may help you.

The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions.

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