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Browse: Home / MONEY / Taxes

How much estimated tax do I owe on the taxable part of my fellowships?

fancy_muskrat: How much estimated tax do I owe on the taxable part of my fellowships?
So I am a grad student and i’ve received some fellowships for the coming academic year. They are as follows:
$ 7500
$ 10530
TOTAL: $ 18300 (all of it taxable because it will go toward living expenses)

So, according to my calculations for Federal Estimated Tax (form f1040es), my standard deduction is $ 10,700 (married filing jointly) and I can claim two personal exemptions, one for myself and one for my husband: $ 6800. The total amount I can deduct from my gross income is therefore: $ 17500.

Thus, subtracting $ 17500 from $ 18300 = $ 800 in taxable income. I would therefore not have to pay any estimated tax because the amount is below $ 1000. This just doesn’t seem right to me. That would essentially mean that i would be walking away with $ 18300 tax free. Also, I have a salaried job that I’ve netted $ 12000 from and the federal govt has taken out about $ 3000 from. Can somebody please explain this tax mystery to me?

Thanks!
I also have a salaried job that has withheld taxes. Do I have to take this into account when I list my gross income on the estimated taxes form? I thought that “gross income” on the estimated taxes form was only for income that has not been taxed.

Answers and Views:

Answer by Rainy
married filling jointly then you’ll need to add your husbands gross income and the rest of your income into that equation, I am married but have 2 kids and my tax liability for 18000 would be 5884.00 but that’s based on our gross income . . . .

Answer by anr
You must take into account your husband’s income when you calculate your gross income. That, along with your earnings, your taxable fellowships, and any income from interest or dividends, etc., make up your gross income. You need to take a look at how much is being withheld from your pay for income tax purposes to see if that is enough to cover what you would owe at the end of the year, taking into account the standard deduction and the personal exemptions.

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