![]() ![]() Your annual income tax calculation starts with ALL sources of taxable income for the year. ![]() Income, deductions, number of exemptions, tax credits, phase-out of exemptions, deductions, and credits, as well as withholding and estimated tax payments, are all factors in determining the amount of your refund or (gasp!) the amount you owe the government at year end. Your salary and withholding tax are only two pieces of a much bigger puzzle. Taxes are highly individualized based on many factors that vary greatly even between two people in similar circumstances. For more information about taxes and links to the Internal Revenue Service (IRS), please visit Cornell’s tax issues FAQ for students. Student loans are not considered taxable income.Įach student is responsible for determining how the tax law applies to his or her own situation. Please consult with a tax expert well in advance of the tax due date, which is generally on or around April 15. International students may or may not pay taxes on fellowship stipends depending on the specific provisions of the tax treaty between their home country and the United States. It’s important to visit the IRS website for the most recent regulations. Tax treatment of specific items may change from year to year. Graduate students may exclude from income monies spent for tuition and fees, books, supplies, and equipment required for courses. All students are expected to report the stipend and taxable income on their tax return forms.įor graduate student assistantship stipends, taxes are withheld at the time of disbursement and the stipend amount is reported to the IRS by Cornell. However, the IRS requires Cornell to withhold 14% in taxes from stipends paid to “non-resident aliens” (international students), unless the student is eligible for exemption under a tax treaty. citizens, fellowship stipends do not generally have tax taken out at the time of payment. Office of Inclusion and Student EngagementĪt the graduate level, all fellowship and assistantship stipends are considered taxable income by the IRS and by New York state.Advising Guide for Professional Students.Faculty Guides to Advising & Mentoring Research Degree Students. ![]()
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