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Kavanaugh was the one who wrote the Storrs piece. He was a Yale guyWonder if the clerk for Gorsuch is from CT? Yale law?
They finally going to start taxing scholarships?
If theyre employees that is taxable income.
you cannot separate the two and claim otherwise
Law is my business, know nada about tax law.
Is a scholarship really taxable? A student does not receive a benefit($$) but rather an expense (tuition, room, board) is waived. If you don't incur the expense you receive no benefit.
Also, is a student an employee under current IRS and NLRB definitions (the PRO Act is not yet law)? If not, the school sends a 1099 to a scholarship student as a independent contractor who files a Schedule C claiming as expenses of being a independent cpntractor/student tuition, room, board, books, etc.
There are scholarships that are taxable. For instance, the Americorps scholarship (Segal AmeriCorps Education Award) is taxable, you have to declare it as income if you use more than $600 in a given year. To my knowledge, it is the only Federal Scholarship that is taxable, you receive a 1099-Misc for using it.Law is my business, know nada about tax law.
Is a scholarship really taxable? A student does not receive a benefit($$) but rather an expense (tuition, room, board) is waived. If you don't incur the expense you receive no benefit.
Also, is a student an employee under current IRS and NLRB definitions (the PRO Act is not yet law)? If not, the school sends a 1099 to a scholarship student as a independent contractor who files a Schedule C claiming as expenses of being a independent cpntractor/student tuition, room, board, books, etc.
There are scholarships that are taxable. For instance, the Americorps scholarship (Segal AmeriCorps Education Award) is taxable, you have to declare it as income if you use more than $600 in a given year. To my knowledge, it is the only Federal Scholarship that is taxable, you receive a 1099-Misc for using it.
Id be surprised if the students were now responsible for paying the taxes on that, that’d be insane.
I was a grad student that was employed by my university as a researcher/teacher's assistant, and got a full scholarship. If I had to pay taxes on my scholarship, I would have made zero income.not really
the argument seems to be that they’re employees.
That would seem to make that a pretty obvious decision
I was a grad student that was employed by my university as a researcher/teacher's assistant, and got a full scholarship. If I had to pay taxes on my scholarship, I would have made zero income.
Im not a tax law guy either.
but if your wan employee and given that benefit, I would think that would be taxed.
right now they are not employees
Not really, it would make it hard for anyone that's not independently wealthy to go into graduate programs.it would be the right thing to do.
There’s no way the students are going to be liable to pay taxes on their scholarship, I don’t see how that’s feasible. How are they going to repay thousands of dollars in taxes every year? I’m trying to imagine how a track and field athlete who maybe makes a little off NIL would be able to pay taxes on their scholarship, it’d be a nightmare.not really
the argument seems to be that they’re employees.
That would seem to make that a pretty obvious decision
Schools have largely already been slashing non-revenue sports.This is a dark day for any athlete that has a scholarship in a non-revenue sport. They are screwed. It is going to be a lot more expensive to carry them now than it used to be, and schools will start slashing costs.
I also question what the top academic schools that are D1 will do. Stanford, Northwestern, Duke, Vanderbilt, Georgetown and Rice consider the Ivies and the UAA schools their competition, not NC State or Oregon State. It will be interesting to see how far they are willing to go to compete with other P1 schools, or if they will pull out of the conferences eventually.
He's really taking his Q username to heart these daysThis ruling did not make them employees.
what the hell are you even talking about
To those shouting at Q right out of their butthole, you don't need to have an opinion on this. The IRS has already covered it.
Topic no. 421, Scholarships, fellowship grants, and other grants | Internal Revenue Service
Topic No. 421 Scholarships, Fellowship Grants, and Other Grantswww.irs.gov
It looks like any compensation above tuition is going to be taxable.
Why aren’t room and board, the living stipend and other items “above” tuition not taxed now and how does today’s ruling change the status quo as it relates to those items?
Kavanaugh was the one who wrote the Storrs piece. He was a Yale guy
Why aren’t room and board, the living stipend and other items “above” tuition not taxed now and how does today’s ruling change the status quo as it relates to those items?
SMH, but laughing.
So, actually they are taxable (see below).
Again, I ask how does today’s ruling change the status quo when it comes to these items?
I said this in another thread a few months ago.
We are transitioning from athletes being declared ineligible for illegal benefits to athletes being ineligible for going to jail for tax evasion.
Every university better have a well-staffed tax preparation and assistance dept to keep athletes eligible.