1. Student Payments December 16, 2015

2. Student Payments Timeline Information Gathering/Review of all student payments –February 2012 Document IRS regulations/Types of Payments –June 2015 Review business process, issue policy & provide training –2016

3. Student Payments RESOURCES IRS Publication 970 - Tax Benefits for Education IRS Publication 525 - Taxable and Nontaxable Income

4. Student Payments FY 2015 Over 1,500 payments Over $3M

5. Student Payments Who is a student? Undergraduate and graduate students registered with the university registrar and active in WISER

6. Student Payments Categories of Payments Category 1 Scholarships, Fellowships & Other Educational Assistance Category 2 Prizes and Awards Category 3 Student Reimbursements Category 4 Employment Related Payments

7. Student Payments For Each Category Definition(based on IRS Regulations) Additional Factors: –Beneficiary –Restrictions for Use of Funds –Employment Related –Repayment Required –Financial Aid Related –Tax Form

8. Student Payments No matter what you call it… Stipends Allowances Assistantships Traineeships Internships Other???...it must fall within one of the 4 IRS categories

9. Student Payments Questions ?

10. Student Payments Student Payments Subgroup Volunteers Meeting Tuesday, January 12, 2015