stipend in md/phd program

[ComicBookHero20]

I was just wondering if any of you could give me an estimate on the stipend for MD/PhD programs

thanks

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[treetrunk]

Hey CBH,

If you are fully funded, you get tuition, health insurance, and a stipend that ranges from $20,000-$25,000 per year. The stipend to cost of living ratio varies widely from school to school.

-tt

I was just wondering if any of you could give me an estimate on the stipend for MD/PhD programs

thanks

 

[Gfunk6]

Roughly $18,000-$25,000. Usually it is based on cost of living.

 

[honeygrits]

Roughly $18,000-$25,000. Usually it is based on cost of living.

Hey does anyone know if the Stipends are taxable? Or is it just MSTP that aren't taxed cuz its a federal grant?

thanx

 

[Gfunk6]

They are fully taxable. They often don't show up on W-2's, but they are reported to the IRS (on form 1098 IIRC).

 

[Mitro]

They are fully taxable. They often don't show up on W-2's, but they are reported to the IRS (on form 1098 IIRC).

Just curious, but does that mean you don't have to pay social security?

 

[leverp2000]

They are fully taxable. They often don't show up on W-2's, but they are reported to the IRS (on form 1098 IIRC).

Does anyone know if parts of the stipend be can deducted as "educational" expenses? If so, what constitutes educational expenses?

 

[Neuronix]

Before I start typing: Disclaimer applies. I'm not a tax professional, this is just the way I understand things.

Your stipend and money paid on your behalf for health insurance is federally taxable, but not subject to self-employment tax--which is what normally includes FICA, social security, etc etc etc etc that shows up on a normal paycheck. That means you pay income tax, usually about 10% of your income quarterly. Whether is subject to local or state income tax depends on your jurisdiction. At UPenn, our stipends are not subject to state or Philadelphia tax.

You can deduct under the lifelong learning credit all "mandatory" educational expenses--fees, books, equipment, etc... Under that credit, up to 20% of a maximum of $2,000 can be deducted from your tax owed.

 

[PTPoeny]

The way it was explained when we asked at one school was that the MD portion of the funding was considered a grant and only the portion that went directly to you (not to the school for tuition books and fees) was taxable but the PhD portion was considered something else and so all of the money is taxable, but you can deduct for the education expenses.

This is just how it was explained at one school. Don't know if it helps.