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Taxes

Taxes are payments we make to our government to support its operations.  Our public schools, roads, military, disability benefits, etc. are all funded by the taxes we pay.  Taxes come in many different forms, some of the most common being taxes on income, purchases, property, capital gains, inheritance, and gifts.  While we are required to pay taxes, there are tax deductions and credits, which individuals can take advantage of to offset their tax burdens substantially. 

The tax code is over 74,000 pages long, and more than we can possibly cover on our website.  The information we've inlcuded is meant to provide answers to the questions most commonly asked by our students. 

 

 

IMPORTANT NOTE:  The information provided to you on this page is limited in scope and should not be your only resource for completing your tax returns.   We recommend you seek advice from a licensed tax professional.

DO I NEED TO FILE?

Usually you must file a tax return if your income is greater than your standard deduction or you are due a tax refund.  You can use the IRS' Interactive Tax Assistant to determine whether you need to file a federal tax return.  Keep in mind, though, that even though you may not have to file a federal return, you might have to file a state return.  

TAX REPORTING FOR PhD STUDENTS

PhD students receive funding from different sources – stipends, fellowships, grants, scholarships, and wages. Depending on what expenses are paid with the money, will determine whether the funding is taxable. 

INTERNATIONAL STUDENTS

More tax information for international students can be found on the International House webpage.

EDUCATION CREDITS & DEDUCTIONS

Paying for your education can be expensive.  Did you know there are tax credits and deductions that can help offset those costs?