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Most programs that give a stipend send a 1099 misc to the host family, which translates into a self employed business. So, save receipts for food and transportation to use for deductions. Also, a portion of your home expenses can be used as in a home business. Or you can deduct the amount you could charge for renting the same room, plus the food and transportation expenses. If you don't go that route, you'll end up paying back a third of your stipend in taxes.
What else can I help you with?
Is the stipend received for hosting an exchange student taxable?
Yes, the stipend received for hosting an exchange student is generally considered taxable income and must be reported on your tax return.
Is graduate student assistance provided by employers tax-free?
No, graduate student assistance provided by employers is generally considered taxable income.
What is the difference between a foreign tax credit and a foreign tax deduction?
A foreign tax credit reduces the amount of tax you owe dollar for dollar based on the foreign taxes you've paid. A foreign tax deduction reduces your taxable income, which can lower your overall tax bill but not as directly as a credit.
When whole life cash value is converted to annuity is it taxable?
No, in that specific circumstance it is tax exempt. As a point of interest, this is known as a "1035 exchange."
Is ppf interest taxable?
No. It is not taxable
Is the stipend received for hosting an exchange student taxable?
Yes, the stipend received for hosting an exchange student is generally considered taxable income and must be reported on your tax return.
Is foreign exchange gain taxable?
Foreign exchange gains are taxable but they are taxable with different rate of tax then actual normal profit of business.
Is stipend taxable?
If the stipend was for books or education, it is not taxable. Other stipends may be taxable depending on their purpose.
Is corporation tax payable on foreign exchange gains?
Of course. Even income from business deals occuring entirely out of the country are taxable income. Forreign source, but taxable here (and maybe there).
Is poll workers stipend taxable in ny state?
Yes, in New York State, the stipend received by poll workers is considered taxable income. Poll workers must report this income on their federal and state tax returns. It is advisable for poll workers to keep records of their earnings and any related expenses for accurate reporting.
Is graduate student assistance provided by employers tax-free?
No, graduate student assistance provided by employers is generally considered taxable income.
Are you tax exempt if you are a full time student?
No. A student has no particular importance to your taxability. It is like any other profession. Taxability is based on taxable income.
Do student grants have to be reported on income taxes?
ususally that would be no as financial aid is not considered taxable income
Can a student with 3 children file an income tax return if student loans are the only source of income?
No. Student loans, while you're receiving them, aren't taxable.For more information, go to www.irs.gov/individuals/students for the article, 'Taxable Income for Students'.Also go to www.irs.gov/formspubs for Publication 525 (Taxable and Nontaxable Income).
What is the difference between a foreign tax credit and a foreign tax deduction?
A foreign tax credit reduces the amount of tax you owe dollar for dollar based on the foreign taxes you've paid. A foreign tax deduction reduces your taxable income, which can lower your overall tax bill but not as directly as a credit.
Does the guardian of two children pay tax on a stipend paid to the guardian?
Yes, a guardian receiving a stipend for caring for children may be required to pay taxes on that income, depending on the specific tax laws in their jurisdiction. Generally, stipends are considered taxable income, and guardians should report it on their tax returns. It's advisable for guardians to consult with a tax professional to understand their obligations and any potential deductions they may qualify for.
Does a student loan refund have to be claimed as income on taxes?
Loans are never taxable...I'm not sure what you mean by a loan refund though!
