The cash you earn from Federal Work-Study is normally susceptible to federal and state tax, but exempt from FICA taxes (supplied you will be enrolled full some time work less than half-time).
What’s the IRS Information Retrieval Tool?
The IRS information Retrieval Tool permits students and parents to get into their Federal Tax Return information needed seriously to complete the Free Application for Federal scholar help (FAFSA). Pupils and parents may directly transfer the data onto their FAFSA. If qualified to utilize the IRS information Retrieval Tool, we strongly recommend utilizing the device for many reasons:
U It’s the easiest method to give you taxation information
U you don’t manually have to fill out Federal Tax Return information on your own FAFSA.
U It’s the way that is best of ensuring your FAFSA has accurate income tax information. Continue reading Are work-study profits taxable?