Estimated tax.
You may have to pay estimated tax if the grantor of a scholarship
or fellowship does not withhold tax or withholds insufficient tax on
the taxable part of your scholarship or fellowship grant. For more
information, see Estimated Tax, later.
Dependent student.
If you can be claimed as a dependent on another person's return,
the following special rules apply.
- You cannot claim an exemption for yourself on your tax
return.
- Your standard deduction is generally limited.
For more information, see Publication 501,
Exemptions,
Standard Deduction, and Filing Information.
Individual retirement arrangements (IRAs).
You can set up and make contributions to an IRA if you received
taxable compensation. Under this rule, a taxable scholarship or
fellowship is compensation only if it is shown in box 1 of Form W-2,
Wage and Tax Statement. For more information about IRAs,
see Publication 590,
Individual Retirement Arrangements (IRAs).
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