Prompted by concerns over the House version of the Republican tax plan, the Graduate Student Senate (GSS) has developed an online calculator that allows graduate students to assess how they might be affected by the legislation.
Under the House plan, graduate students will no longer be able to deduct the value of their tuition in exchange for working or conducting research, a change that could cost them hundreds or thousands of dollars.
Over Thanksgiving break, a GSS committee developed the calculator to help students estimate how much their taxes may increase based on the currently available information on the Republican plan. Students can enter their income, tuition, filing status and number of dependents into the calculator and receive an estimate of their potential tax liability. The calculator was reviewed by a tax expert, according to GSS.
“We believe that this is a useful tool that graduate students can use to get a rough estimate on how the tax increases and tuition provisions would impact them,” says a statement by the GSS executive committee.
Access the tax calculator here.