The taxpayer is a Ph.D. student in accounting at City University. The student is paid $1,500 per month for teaching two classes. The total amount received for the year is $13,500. O a. The $13,500 is excluded because the total amount received for the ycar is less than her standard deduction and personal exemption. • b. The $13,500 is considered a scholarship and, therefore, is excluded. • c. The $13,500 is excludible if the money is used to pay for tuition and books. • d. The $13,500 is taxable compensation. Previous Next Submit Test for Grading All work saved.
d. The $13,500 is taxable compensation. The $13,500 received by the Ph.D. student for teaching two classes is considered taxable compensation. In general, payments for teaching, research, or other services required as a condition for receiving a scholarship or fellowship are considered taxable income. This is true even if the student uses the money to pay for tuition and books. The amount is not excludable as a scholarship because it is compensation for services rendered. Therefore, the student must include the $13,500 in their gross income and report it on their tax return.
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