Wednesday, March 3, 2010

Are you sure you can afford that Fulbright grant?

If our preliminary tax preparation doesn't change by much, it looks like we owe over one-third of the Fulbright grant back in increased income taxes. Taking into consideration the tuition we paid for Matan's international high school (even with the generous subsidy, also highly taxed), that means that the grant covered exactly the taxes and tuition. Therefore, Peleg family, MN, paid the flights, the visas, the extra health insurance for dependents, the rent, the food, the transportation, the classes, the clothes, ... stop me here, I don't know if I really want to come out of denial yet.

Not to mention any consequences for our daughter seeking financial aid at college since it looks like there was an increase in income. Not sure subsequent return in income tax payments shows through quite as clearly.


1 comment:

  1. Yes, its going to be expensive, but I believe that you are providing both your son and yourself with a world class education. The cost never mattered when you went to Russia and to Israel. You and your husband will have to cut back for a year or two, but you won't regret it five years from now!