How to Prevent a Large, Unexpected Tax Bill on Your Fellowship Income
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Presented by Dr. Emily Roberts from Personal Finance for PhDs, hosted by Mind Over Money.
Description: Congratulations on being awarded a fellowship! Don’t let your dream turn into a nightmare next tax season; too many fellowship recipients are surprised by a multi-thousand-dollar tax bill stacked with penalties and interest. When you aren’t having income tax withheld from your fellowship paychecks, it becomes your responsibility to manually pay your income tax bill up to four times per year. During this workshop, you will determine if you are required to make estimated tax payments and calculate your total tax liability for the year. Furthermore, you will learn the best practices for saving up for those payments, how to document your educational expenses to minimize your tax liability, and which tax software is most amenable to fellowship income.
Audience: Graduate students and postdocs who receive fellowship (non-W-2) income, are US citizens/residents, and are not having income tax withheld from their paychecks.