Q:
Are stipends typically taxed?
A:
Quick Answer
According to the Internal Revenue Service, stipends are typically taxed. Even though a payment or remuneration may be classified as a stipend or other type of fee, it must still be reported as wages or income on an individual's tax return.
Continue Reading
Credit:
Sam Edwards
OJO Images
Getty Images
Full Answer
Stipends are generally defined as payment of a fixed sum of money paid on a set time period or basis to offset expenses or for certain services rendered. Examples of stipends are those paid on a daily or weekly basis for meal expenses, or those paid on a weekly or monthly basis for a housing allowance. Individuals receiving stipends should report them on their W2 form every year.
Learn more about Income TaxSources:
Related Questions
-
Q:
What does claiming zero on taxes mean?
A: According to Kiplinger, claiming zero on a W-4 form means that you are telling the government to take the highest possible amount of taxes from your earnin... Full Answer >Filed Under: -
Q:
Where can you find the tax table for the earned income credit?
A: Those seeking the tax table for earned income credit can find it at the official IRS website by clicking the Credits & Deductions tab at the top of the mai... Full Answer >Filed Under: -
Q:
What is the phone number for the IRS in Austin, Texas?
A: The phone number for the Internal Revenue Service Taxpayer Assistance Center in Austin, Texas is 512-499-5127, according to the IRS. Located at 825 East Ru... Full Answer >Filed Under: -
Q:
What is a salary tax calculator?
A: A salary tax calculator is a digital tool used to determine an individual's tax liability based on their gross income and voluntary deductions, according t... Full Answer >Filed Under:
You May Also Like
-
Q:
What are the IRS rules for deducting mileage?
-
Q:
What are some common tax deductions for 2015?
-
Q:
What are some deductions for self-employed taxpayers?
-
Q:
Is the TurboTax fee tax deductible?
-
Q:
What is the correct IRS mailing address and process for filing the 1040EZ tax form?
-
Q:
How do you use an income tax refund calculator?
