Graduate School Tuition Waiver benefits in excess of $5,250.00 per calendar year are taxable income to the recipient.
Your tax liability will be approximately 30-35% of your taxable waiver. Your taxable waiver will be equal to the total of the three semesters minus $5,250.00.
The university is required to report the income on your W-2 and withhold all applicable income tax. To ease the income tax burden, complete the payroll deduction form and have the taxes withheld over the remaining months of the year.
WFMO, University Square, 200 Broadway, Suite 120, New Orleans, LA 70118 504-865-5280 firstname.lastname@example.org