Will SURF Stipend Affect Financial Aid?

Paying for College
1

<p>If I make $5,000 from a REU / SURF, will I have to file a tax return? If so, will it affect my financial aid? What is the threshold for a single dependent still living with parents to not have to file taxes nor have it affect financial aid?</p>

<p>Is it $5,800? Like in here:</p>

<p>[Publication</a> 501 (2011), Exemptions, Standard Deduction, and Filing Information](<a href=“http://www.irs.gov/publications/p501/ar02.html#en_US_2011_publink1000220702]Publication”>http://www.irs.gov/publications/p501/ar02.html#en_US_2011_publink1000220702)</p>

<p>Or is there something else I am missing?</p>

2

<p>If I make $5,000 from a REU / SURF, will I have to file a tax return? If so, will it affect my financial aid? What is the threshold for a single dependent still living with parents to not have to file taxes nor have it affect financial aid?</p>

<p>Is it $5,800? </p>

<p>the threshold is $5800 and no you dont have to file a tax return if that is the only $ you earn in a year. But it will be factored into the FA calculations.</p>

3

<p>Do make sure that you know your state filing requirements. You may have to file state taxes even if you don’t have to file federal.</p>

4

<p>And find out whether that income classifies as salary (they take out Social Security etc.) self-employment (you have to
pay that) or some other kind of income. Get that information in writing now so you don’t need to track it down next spring.</p>