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Are SEP awards considered income by the IRS?

April 26, 2017awards income IRS SEP

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Are SEP awards considered income by the IRS?

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SEP awards may be considered income by the IRS. Each case will be different. Check with your tax advisor or the IRS for clarification of your situation. Federal tax reporting regulations require the Research Foundation of SUNY to report certain awards dollars paid on behalf of individual awardees in a given calendar year. You are solely responsible for all local, state, and federal taxes.