Fee waivers and taxes Forum
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Fee waivers and taxes
Kind of an odd question, but do you have to report fee waivers that you utilize as some kind of benefit/income on your tax forms? Why or why not?
- cinephile
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Re: Fee waivers and taxes
I wouldn't think so.
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Re: Fee waivers and taxes
I wouldn't either, but why not?cinephile wrote:I wouldn't think so.
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Re: Fee waivers and taxes
It's not income. You don't report the money you would have paid by buying something on sale, either.
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Re: Fee waivers and taxes
But don't you report prizes you have won?andythefir wrote:It's not income. You don't report the money you would have paid by buying something on sale, either.
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Re: Fee waivers and taxes
No. You do have to report things like loan forgiveness because it's considered income. You only have to report prizes/lotto/ect above a certain amount, I believe it's $2,000, but I'm not positive. It is a form of need based financial aid. You wouldn't report your food stamps for example as taxable income. Also I don't know how you'd get more than $1000 of value out of the waiver.
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Re: Fee waivers and taxes
If I'm not mistaken, a series of small awards would need to be reported if they total whatever the minimum threshold is. So even if you would not include one or two, if use 12-14 of them, they might reach 1000 dollars.mala2 wrote:No. You do have to report things like loan forgiveness because it's considered income. You only have to report prizes/lotto/ect above a certain amount, I believe it's $2,000, but I'm not positive. It is a form of need based financial aid. You wouldn't report your food stamps for example as taxable income. Also I don't know how you'd get more than $1000 of value out of the waiver.
Also, food stamps are not analogous because they are expressly for low income families.
- niederbomb
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Re: Fee waivers and taxes
It's not an award or prize it's a waiver. The school is giving you something free in the hopes that you will bite and then (hopefully) buy a lot more ($150,000+).
If the local grocery store gives you a sausage sample, you don't have to report the amount for taxes.
If the local grocery store gives you a sausage sample, you don't have to report the amount for taxes.