Lori Meadows
The University of Missouri withholds taxes from graduate assistantship stipends at the time of disbursement. However, the university does not issue W-2 forms to students. Graduate students are responsible for reporting their fellowship amounts and completing the IRS 1040 long form. They can seek free tax assistance through the Volunteer Income Tax Assistance (VITA) program. Alternatively, they can contact a certified tax professional for advice.
| Characteristics | Values |
|---|---|
| University Issued W-2 | No W-2 or Form 1099 will be issued by the University. |
| Student Responsibility | Students must self-report their fellowship amount and complete the IRS 1040 long form. |
| Tax Assistance | Volunteer Income Tax Assistance (VITA) provides free tax assistance to eligible students. |
| International Students | May have a 14% tax withholding and can contact [email protected] for assistance. |
| Online Access | Current employees can access Form W-2 through My Missouri State as long as they are actively employed by the University. |
| Paper Copy | Employees who have not opted for electronic delivery will receive a paper copy of the W-2 via mail. |
| Duplicate Requests | Former employees must request duplicate W-2 statements from the Payroll Office. |
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What You'll Learn
The University of Missouri does not issue W-2 forms
For tax filing, graduate students at the University of Missouri can seek free assistance from Volunteer Income Tax Assistance (VITA). This service is based on income eligibility, and graduate students often qualify. Additionally, international students can contact the university for help with determining tax residency and understanding US tax filing requirements.
While the University of Missouri does not issue W-2 forms, other universities in the state of Missouri, such as Missouri State University and Missouri S&T, do provide W-2 forms to their employees. These universities offer electronic W-2 statements that can be accessed through secure online platforms, providing early access and convenience to their employees. Employees who prefer paper W-2 statements can request duplicate copies from the respective university's Payroll Office.
It is important for graduate students at the University of Missouri to be aware of their tax obligations and actively seek the necessary information and assistance to fulfil their tax responsibilities accurately and on time.
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Graduate students often qualify for free tax assistance
Graduate students at the University of Missouri are responsible for reporting their fellowship amounts and completing the IRS 1040 long form. They can, however, benefit from free tax assistance through the Volunteer Income Tax Assistance (VITA) program. Eligibility for VITA is primarily based on income, and graduate students often qualify.
The University of Missouri withholds taxes from graduate assistantship stipends at the time of disbursement. Taxes are also withheld from fellowships distributed through payroll, as graduate assistantships are required for fellowship students. On the other hand, fellowships, scholarships, or awards distributed as stipends through financial aid generally do not have taxes withheld. International students may face different rules, with a possible 14% tax withholding, and should contact the university for more information.
Graduate students can also take advantage of various tax benefits and credits related to education. The American Opportunity Tax Credit (AOTC) offers up to $2,500 per year to eligible students, while the Lifetime Learning Credit (LLC) provides similar benefits. Working students with incomes below approximately $63,400 may qualify for the Earned Income Tax Credit (EITC) of nearly $4,000. Additionally, students can claim education tax credits when taking tax-free distributions from a Coverdell ESA, as long as they are qualified education expenses.
Students can utilize tax filing software, such as TurboTax, or seek free help from VITA locations to claim these credits. It is important to note that financial aid, scholarships, and fellowships may have specific requirements for their use, and students should carefully review the terms to ensure they comply with the regulations. By understanding and utilizing these tax benefits, graduate students can reduce their tax burden and maximize their financial resources during their academic pursuits.
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International students may face a 14% tax withholding
The University of Missouri does not issue a W-2 or Form 1099. It is the student's responsibility to report their fellowship amount by completing the IRS 1040 long form. International students may face a 14% tax withholding on their fellowship stipends. This is because they are subject to different tax rules.
The University of Missouri withholds taxes from graduate assistantship stipends at the time of disbursement. Similarly, fellowships and awards distributed through payroll will have taxes withheld. However, if a fellowship, scholarship, or award is distributed as a stipend through financial aid, taxes will generally not be withheld.
International students should contact the Nonresident Tax Office at [email protected] for more information on the 14% tax withholding. They can assist with determining tax residency and understanding US tax filing requirements, such as the need to file form 1040-NR for nonresident taxpayers. Additionally, students can seek free tax assistance from Volunteer Income Tax Assistance (VITA), which is available to many students and employees based on income.
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Employees can opt for electronic W-2 statements
The University of Missouri does not issue a W-2 or Form 1099. Graduate students are responsible for reporting their fellowship amount by completing the IRS 1040 long form. However, employees can opt for electronic W-2 statements, which are issued by employers.
According to the Internal Revenue Service (IRS) Publication 15-A, employees must consent to receiving their W-2 electronically. This consent can be given either electronically or via a paper document. Employers may set up a system to provide the W-2 form electronically and must notify employees of the hardware and software requirements. Employers are not permitted to send a W-2 electronically to employees who have not consented or who have revoked their consent.
To ensure compliance, employers must provide a clear and conspicuous statement of each of the following requirements to employees:
- Employees must be informed that they will receive a paper Form W-2 if they do not consent to receiving it electronically.
- Employees must be informed of the scope and duration of their consent.
- Employees must know the procedure for obtaining a paper copy of their Form W-2 and whether requesting a paper statement will be treated differently.
- Employees must be informed about how to withdraw their consent and the effective date and manner by which the employer will confirm the withdrawal.
- Employees must be notified that the withdrawn consent does not apply to previously issued Forms W-2.
- Employees must be informed of any conditions under which electronic Forms W-2 will no longer be provided, such as termination of employment.
- Employees must be informed of any procedures for updating their contact information to continue receiving electronic Forms W-2.
Additionally, employers must notify employees of any changes to their own contact information. It is important to note that electronic Forms W-2 must be furnished by the same due date as paper Forms W-2. If an employer discovers an error on an employee's Form W-2 after sending it, they can submit a Form W-2c, Corrected Wage and Tax Statement, electronically or by mail.
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W-2 forms are available to view and print online
The University of Missouri does not issue W-2 or Form 1099, and students are responsible for reporting their fellowship amounts. However, Missouri State University provides its employees with Form W-2 each calendar year, which details the employee's compensation and tax withholding amounts for the year.
Missouri State University employees can choose to receive their W-2 statements online through My Missouri State. This option provides earlier access to the W-2 statement compared to the traditional paper process and eliminates the risk of the statement getting lost, stolen, or delayed. Employees who opt for electronic delivery can access and print their current W-2 online before the paper W-2s are mailed out.
To view and print your W-2 form online, follow these steps:
- Log into your My Missouri State account using your login credentials.
- Locate and select the "Employee Dashboard" from the Time & Leave Resources card.
- Expand the "Taxes" section and then select "W-2 Wage and Tax Statement."
- Choose the relevant tax year for which you need the W-2.
- To print the W-2, click the "Print" button in the upper-right corner.
- For help with printing in an approved format for different web browsers, select the "Help" option in the upper-middle section of the page.
It is important to note that your election to receive W-2 statements electronically will remain in effect for future tax years unless revoked by you or if you are no longer employed by Missouri State University.
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Frequently asked questions
The University of Missouri does not issue W-2 or Form 1099, so it is the student's responsibility to report their fellowship amount by completing the IRS 1040 long form. Graduate students can also receive free tax assistance through the Volunteer Income Tax Assistance (VITA) program.
You will need to report your fellowship amount and complete the IRS 1040 long form. You can access and print your W-2 form online through My Missouri State.
You can seek assistance from the Volunteer Income Tax Assistance (VITA) program, which offers free tax assistance to graduate students.
