Generally speaking, only your stipend. The great majority of graduate students make the awarded income that pays their tuition tax-free by using their tuition as a qualified education expense under the tax-free scholarships and fellowships higher education tax benefit.

Competent tax software should prompt you for additional expenses not reported on your Form 1098-T. IRS Publication 970 Chapter 1 defines QEEs for the purpose of making scholarship/fellowship income tax-free. I also go through numerous common expenses for graduate students and whether/which definition of QEE they fit in my tax workshop (really spell it out): pfforphds.com/phd-tax-workshops/

Sprintax and Glacier are the top programs. TaxSlayer also has a nonresident version, but as I understand it can only be accessed through a VITA site, not independently.

To your last question: You can still file jointly with fellowship income. The answers to your other questions will be found by filling out IRS Form 1040-ES. That will tell you whether you owe estimated tax by 1/16/2024 or can wait to pay with your return. (You can wait even if required to pay, but you may incur a penalty.) If you need help with how to fill out this form, you can join my workshop: pfforphds.com/qetax/ Don't forget about state tax as well, if applicable!

You're very welcome!

This is a totally legitimate question and a great idea for an episode! It is all about the numbers, and everything you mentioned should be taken into consideration. The NYT rent vs. buy calculator factors it all in so I would probably model an episode on that. It DOESN'T make sense to buy a primary residence in many scenarios (if you plan to sell when you move away, which you don't have to, and Sam and I discuss that strategy elsewhere, e.g., kzbin.info/www/bejne/fYSVqZKdqLZkjLs). The reason I mention house hacking so often for grad students and postdocs is that your primary residence is a HUGE cost whether you buy or rent. House hacking is a rare opportunity to reduce or eliminate your personal housing costs. House hacking is actually a (partial) investment path, as you put it, whereas purchasing a primary residence is not. BTW I have mad respect for Ramit Sethi and I love his podcast BUT I think he's really skewed on the home buying issue. (It pays to proffer countercultural opinions; see Dave Ramsey...) As an adult he's mostly lived in NYC and SF where renting is the default and makes the most financial sense even over the long term. He's trying to take the mindset he's been socialized into in those cities and apply it everywhere else in the US. Ramit's wealth has come from business ownership primarily, whereas for most Americans, home ownership is a major aspect of wealth-building over the decades. (See: the causes of the black-white wealth gap.) (Not, in my mind, so much by building the equity, but rather by setting up your personal housing expense to decrease over time relative to rent.) Basically, Ramit is wealthy enough that he CAN elect to be a long-term renter without harming his finances; that's not the case for the vast majority of Americans. His point about phantom costs is absolutely fair and can be taken into account in the estimates.

Thanks Dr. Emily for sharing your perspective. Great points you raised. I have really learnt a lot from your programme and I continue to learn. More grease to your elbow 👍

Thank you for the update and congratulations!!

File an amended return with it reported as fellowship income instead of self-employment. :/ (Not advice.)

@@PFforPhDs That's what I thought I'd need to do but things were confusing. Thanks for the tip!

I love to hear that! Keep up the great work!

This interview comes to mind: pfforphds.com/how-finances-during-grad-school-affected-this-phds-career-path/ If you want to volunteer to be interviewed: pfforphds.com/podcastvolunteer/

@@PFforPhDs excellent thanks for the response I will check out this episode. I would love to be interviewed however I wouldn't meet the qualification yet as I haven't started a program. Planning on two years from now. I appreciate your content.

Thank you!

We address this question in this episode: kzbin.info/www/bejne/o3qxlYBteayAbsk

Thank you!

You can find Sam's contact information in the video description above.

Hi. Did you get a lender? I am looking for a lender too. Thank you.