We are 40 days and counting until April 15, 2020, also known as tax day. If you received any income in the United States last year, you very likely have a filing requirement. If you’re an international student who spent any time in the US in 2019 on a J1 or F1 visa, you likely have a filing requirement. If you’re not sure what you’re required to do, don’t panic – we can help you get started.
Photo credit: USAtoday.com
- Review Your Income
If you received any stipend, scholarship, or fellowship, from the University of Chicago or an external organization, all or part of your funding may be taxable, even if you did not receive a tax form.
If you are a candidate for a degree, you can generally exclude any funding used for tuition and required fees, as well as any books, supplies, or equipment required for your courses from your income. Any funding used for living expenses (e.g. room and board) must be included in your income total.
To review the amount of funding you received from the University of Chicago, login to your my.uchicago.edu portal, select Finances at the top, and navigate to My Financial Aid or My Account.
- Watch Your Dates
Please keep in mind the tax year differs from the academic year. The 2019 tax year includes any funds distributed to you between 1/1/2019 and 12/31/2019. Depending on the disbursement date of your funds, your income may include Winter 2019, Spring 2019, Summer 2019, Autumn 2019 and Winter 2020.
- Get Some Help
Slides from this year’s tax workshops are available online and session recordings will be posted next week on the Health Promotion and Wellness YouTube channel.
Not sure if you need to hire an accountant? Check out a great primer from Moneygeek on thinking this through. If you do need to hire someone, we included some tips on hiring the right professional in the workshop slides.
And, when questions come up, let us know at email@example.com. We’re not able to provide individual tax advice, but we can provide general informational guidance to help you manage your tax reporting responsibilities.