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Do I classify as stipend as business income?

1 Reply
Level 3

Do I classify as stipend as business income?

Yes, you could classify a stipend you received as business income only if you had received it for operating a business. If you received it as an employee, you would classify it as employment income. You should keep in mind that when most stipends are given out, tax is not withheld. You should set aside a certain amount based on your tax bracket. 


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