Acbosgd.1653
net.taxes
utcsrgv!utzoo!decvax!ucbvax!mhtsa!harpo!cbosg!cbosgd!mark
Tue Jan 12 13:49:57 1982
Re: Hint of the week (ucbvax.5707 followup)
Also, be careful when calling the IRS to ask questions. Chances are
that if you call 3 times you will get 3 different people and 3 totally
different answers. If they tell you on the phone you can do something
you should find the place in the rules that says so before you actually
try to do it - these phone info people seldom know what they are talking
about.
One other comment that is of interest to Research Assistants. You all
presumably already know your income is tax exempt (no, if you're a TA
it isn't unless you are at the rare university where you are REQUIRED
to be a TA to get your degree). But you should be careful that at least
50% of your income is EARNED - that is, of your income you file on the
wages line, at least 50% should have come from a taxable job that you or
your spouse worked at. RA money and money from your parents actually
count AGAINST you here. If you don't provide at least 50% of your support
for EACH OF THE LAST 5 YEARS before you graduate, you won't be able
to income average your first 5 years out, and this will cost you a bundle.
Moral - if you were an RA all or most of 1981, do the arithmetic for the
first 5 years both ways (counting your RA money nontaxable and taxable)
and see which way comes out better - you could actually save money 5 years
from now (or less) if you claim your RA money is taxable, and the IRS won't
complain about you making that claim.
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