Title: Demystifying Taxes for Graduate Students and Postdocs
Format: Live Lecture with Q&A (In Person or Remote)
Intended Audience: graduate students receiving stipends, postdocs
Length: 90 minutes
Timing: January to March
Summary: Preparing a tax return can be daunting for a trainee, especially when fellowships and scholarships are involved, and it’s difficult to find resources that address this special situation. This presentation introduces how ordinary income is taxed and addresses how to calculate and report trainee income specifically.
- Federal income tax basics (deductions, credits, progressive tax brackets)
- Tax preparation methods
- Pay types and tax forms
- Calculating and reporting income(s) using your qualified education expenses
- Pay tax throughout the year
- State tax
- Tax repercussions of non-compensatory pay and/or student status
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