Ask a Dean Category: Tax

Will I still qualify for the stimulus payment if I did not file a tax return last year?

Dear Deans, I am a graduate student who did not file a tax return last year, will I still qualify for the stimulus payment? -Interested in Economic Impact Response Dear Interested in Economic Impact, The recently passed law provides economic impact payments up to $1,200 for single adults and $500 for children under 17. Payments…

Are we taxed on our health insurance?

Hello Deans, I am preparing my 2018 taxes received my 1098-T. It appears I owe taxes on the money Cornell pays for my health insurance. The amount recorded as “qualified tuition and related expenses” is $29,584.00, the sum of my Spring and Fall tuition and student activity fee payments. The amount recorded as “scholarships or…

Which taxes do not have to be paid by graduate students?

Hi Deans, I was reading the Cornell Daily Sun and saw an article about Associate Dean Kahabka’s recent chat at the GPSA meeting. He was quoted as saying, “What [the living wage] doesn’t take into account is that students also have health insurance covered and don’t have to pay certain taxes,” Kahabka said. “In general the…

Which tax year is used for spring stipends?

Hello, I receive a graduate fellowship and due to the way Cornell prepares the 1098-T form, I am unsure how to report it. On the 1098-T, both the Fall 2017 and Spring 2018 stipend payments are added to the 2017 year. The Spring stipend payment was noted on my bursar on 12/15 (when tuition was…

How will the proposed changes affect my taxable income, particularly in regards to the tuition that the NSF pays to Cornell?

Hi, Deans, Thank you very much for all of the clarifications about the proposed changes to the tax code and how Cornell graduate students would be affected by it. I understand that the proposed tax plan includes provisions which aim to repeal the tax deduction for tuition related expenses. This year, my funding and part…

Three questions about Cornell’s response if the proposed tax legislation is passed

Question 1: Dear Sir/Madam, I recently heard that the new republican tax plan involves taxing graduate students on their stipend PLUS their tuition. This would increase our taxes by ~ $6K, a significant amount. What is Cornell’s plan regarding this development? What will this mean for graduate students moving forward? Thanks, Tax-conscious Graduate Student Question…

Will the Graduate School commit to increasing wages or decreasing tuition for graduate students if the proposed changes to the tax code pass?

Hello deans, Recently news has circulated that a draft tax code could, if implemented, remove the tuition waiver for grads, double our taxable income, and thereby increase our federal taxes two- to threefold. The November 6, 2017 Graduate School newsletter had one explanation for why this wouldn’t technically affect Cornell grads, but nonetheless I and…