UCSF makes me look rich!

March 11, 2008 at 2:49 pm (finances)

I just did my taxes this afternoon. UCSF is reporting my income in a very strange way this year. On the W-2 form, I have $r as regular income. But that amount is less than the actual income that I earned ($a). They also report (on a 1098-T) that I’ve received $s in scholarship money and that I paid $t in tuition. But I don’t pay my tuition. It’s paid for me. The money from the scholarship that was used for tuition never went though my hands.

So $r + $s – $t = $a. The numbers do add up properly. But for tax purposes, IRS and friends think that I’ve earned $r + $s which is greater than $a. The gist (especially for people who didn’t bother to follow the variables): I’ve been artificially pushed into a higher tax bracket!

I calculated my taxes both ways (easy to do with TaxCut software): 1) the way it should be calculated based on the money that has actually gone into my pockets and 2) the way it’s being reported by UCSF. The tuition credit helps to keep this situation from being worse than it could be, but it’s not enough to make things even out. So the screwy way that UCSF is reporting my income is costing me $137!

UCSF makes me look rich, but they actually make me poorer.

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