As I understand the law, student stipends are exempt from FICA and Medicare taxes. If you are not performing a service for the university, your stipend would be subject to income tax only if it does not meet the qualified scholarship rules. If you are performing a service for the university, your income is taxable for income tax purposes, but would generally be exempt from social security and Medicare taxes if you are enrolled and regularly attending classes. If your employer has been withholding social security and Medicare taxes from your stipend, the employer should refund the withheld tax. I am a student attending college and working part-time.
Unearned income includes taxable interest, dividends, capital gains, and trust distributions.
If you had an investment loss, your unearned income could be a negative amount. Earned income includes wages, tips, taxable scholarship and fellowship grants, and salaries. If you file Form 1040EZ , Income Tax Return for Single and Joint Filers With No Dependents, your total income is the same as your adjusted gross income. You qualify for the earned income credit. You qualify for the additional child tax credit.