I received a grant through a fellowship organization called Math for America 3 years ago. I receive from them untaxed, quarterly installments of ~$3.75K (totaling $15K/year), on top of my teaching salary of ~$65K, and I live in NYC.
After using an online tax service (FreeTaxUSA), I owe ~$3.5K in taxes on this yearly stipend of $15K.
This amount seems just quite high for a stipend. I use the income from this stipend to pay rent, and the rest goes into savings.
I have other friends who receive this stipend who do not pay taxes on it at all and pocket all $15K.
Any advice ? Should I go to a professional and see if there are ways to lessen the total taxes paid on my stipend ?
Submitted April 12, 2017 at 09:50AM by MakeMeMooo http://ift.tt/2nEmj3a
