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Paying taxes on scholarships... (6 viewing) (6) Guests
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TOPIC: Paying taxes on scholarships...
#4133
pgw (User)
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Technical Question... 18 Years ago  
For accountants, tax lawyers, IRS agents...

If a person receives compensation, either wages, payment in kind (products of determined value), or contest winnings...is that compensation subject to income tax?

Paul
 
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#4134
Phil (Admin)
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Re:Technical Question... 18 Years ago  
Only if the individual declares it!
 
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#4135
grevel (User)
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Re:Technical Question... 18 Years ago  
It depends on the amount. Did you receive a form to file for it? If someone else is filing as giving it to you than you should receive a form to declare it? Just from what learned in accounting class. For instance if you win a car you are to declare that as income. I pay income taxes on my scholarships.
 
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#4145
Ed Kelleher (User)
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Re:Technical Question... 18 Years ago  
pgw wrote:
For accountants, tax lawyers, IRS agents...

If a person receives compensation, either wages, YES
payment in kind (products of determined value), YES
or contest winnings... YES

is that compensation subject to income tax?

Paul

"Only if you declare it" says Phil. Tell that to Al Capone.

Might be safe to not declare it and then talk about it if you have no enemies. The IRS awards substantial rewards to those who whistle blow on Tax Cheaters. Those who have ears, let them hear!!
 
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#4146
Matt (User)
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Re:Technical Question... 18 Years ago  
All of that is earned income and should be claimed.
 
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#4148
pgw (User)
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Re:Technical Question...Thanks Guys 18 Years ago  
It's good to know that if an individual receives wages, receives fishing equipment from a manufacturer, or wins cash in a fishing tournement as compensation it should be reported as income...and Ed, thanks for the warning about the IRS reward program, your're correct, you never know who may be listening.

Paul
 
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#4152
Silent Reader (Moderator)
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well, yeah 18 Years ago  
I'm not an accountant, but that seems crystal clear to me.
 
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#4153
NorcalBob (User)
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Re:Technical Question... 18 Years ago  
Absolutely, yes.
But, you can also claim as deductions any expenses that you occur while participating in said taxable income.
 
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#4156
Charlie S (User)
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Re:Technical Question... 18 Years ago  
But, you can also claim as deductions any expenses that you occur while participating in said taxable income.

But you had b etter have receipts for each and every deduction you claim.
 
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#4159
pgw (User)
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Re:Technical Question... 18 Years ago  
Charlie S wrote:
But, you can also claim as deductions any expenses that you occur while participating in said taxable income.

But you had b etter have receipts for each and every deduction you claim.

And, as I discovered in a series of IRS Audits, a business justification for each expense.

Paul
 
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#4171
Silent Reader (Moderator)
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Paying taxes on scholarships... 18 Years ago  
Thats a bummer.

I hated the idea of paying taxes on my spouse's graduate school scholarships, and I really hated having to itemize all her school expenses.

I work for the government, but nickel and diming the average citizen for education expenses is just assinine in my opinion.

Neal
 
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Neal
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#4172
bones (User)
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Re:Technical Question... 18 Years ago  
And, as I discovered in a series of IRS Audits, a business justification for each expense.

Paul[/quote]

and that area is gray at best...
 
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Harry
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