grae313 wrote:
-Offers are before taxes, and the rate will depend on your state and status. For a ballpark, I'm in NY state and I lose about 16% of my paycheck to taxes, so you can figure 29k will be closer to 24k (NY and CA should be similar, and on the higher tax rate end of all states)
Are there any tax credits available to students in the US? For example, in Canada, you get $1 of tax credit for every $1 spent in tuition, plus about $465/month of tax credits for every month you are a full time student. And there is a personal tax exemption of just under $10,000/year that everyone gets. Is there something similar in the US (for federal taxes anyways). I guess my offer letters say that the tuition waiver is non-taxable, so I guess that's the same as in Canada, but what about any other education tax credits and personal exemption amounts? Or would we be pretty much paying tax on the full stipend amount?
I didn't think taxes on ~29k of stipend would be so high as ~5k!! Up north, all fellowships and scholarships are tax free if you are a full time student (so we would only pay taxes on TA/RA work but that's rarely more than the above exemptions!).