Title: How to Manage Income Tax Payments for Your Fellowship or Training Grant Stipend
Format: Live workshop (in person or remote)
Intended Audience: Graduate students and postdocs receiving stipends/salaries not reported on a Form W-2 (i.e., fellowship, training grant)
Length: 90 minutes
Timing: Year-round
Summary: This workshop shows graduate student and postdoc fellows exactly how to handle paying income tax on their stipends/salaries, whether through the quarterly estimated tax system with their annual tax returns. Every participant should leave the workshop knowing whether they are required to pay quarterly estimated tax to the IRS in 2020 and in what amount and how to repeat this calculation in subsequent years.
Outline:
- How the IRS views fellowship/training grant income
- Best practices for saving for your tax bill
- What is quarterly estimated tax
- Who does not have to pay quarterly estimated tax
- Special scenarios: married filing jointly, switching on or off of fellowship, under age 24
- Walk-through of Form 1040-ES’s Estimated Tax Worksheet
- How to pay quarterly estimated tax if required
- How Q1 and Q4 are different
- State estimated tax
[…] How to Manage Income Tax Payments for Your Fellowship or Training Grant […]