How do I need to treat my Business and Economics internship stipend in terms of income taxes? Does it affect my financial aid?
Your Business and Economics internship stipend should be considered earned income, and you should include it as income on your income tax return. The University does not report stipend funds for the Business and Economics internship fund program on either a W-2 or a 1099. The burden to report lies with the receiving student. According to the Financial Aid department, the stipend should be reported as other untaxed earnings on the annual federal financial aid application. For information as to how it may impact your financial aid package, please contact the Financial Aid office.
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