Got a fellowship? Here's how you can already start preparing for tax time

by Noreen Balos, Funding Peer
Friday, September 29, 2017 11:01 AM

At the start of the school year, taxes may not be on your minds just yet. But if you have received a fellowship and are wondering if it is taxed and/or how much taxes to pay next year, consider the following resource to help determine what applies to you.

Emily Roberts explains some key information about taxes in ‚Äčthis article ‚Äčabout what graduate students should know if they have received fellowships or other funding from the university.

Some questions she answers are:

  • What is compensatory and non-compensatory pay? 
  • Are taxes withheld from my fellowship by the university?
  • Do I have to pay the taxes myself from that fellowship?
  • How do I set-up a payment for taxes on that fellowship?
  • What is a W-2, W-4, and a 1098-T form?

Read the full article to find about more about what steps to take now so you are prepared for next year's tax season.