Taxes :(

[StressedPhD]

Hey everyone, I just got my first check from my stipend! My excitement has been dampened slightly by the prospect of having to pay my own taxes but I am resilient. Does anyone have any idea on how to go about this stuff? Do we pay all at once at the end of the year or at various points for example. I figured starting a thread like this would be a good idea since I'm sure there are many people in my position as well.

[Sigaba]

Here's a link that will lead you to previous/ongoing conversations about stipends and taxes.

[StressedPhD]

53 minutes ago, Sigaba said:

Here's a link that will lead you to previous/ongoing conversations about stipends and taxes.

Thank you so much!

[juilletmercredi]

I used TurboTax Freedom Edition to complete my taxes. (I am in the U.S.)  They have both state and federal taxes and if you make under a certain amount, which your graduate stipend is almost certainly less than, you can file for free federally and in some states.

You can also go somewhere like H&R Block or Jackson Hewitt. They are cheaper tax preparers. But I didn't find working with them to be any less difficult than simply doing TurboTax for free.

When you file your first set of federal taxes, you can decide to do quarterly withholding. It splits the amount you have to pay at the end of the year if you owe over four quarterly payments.

[StressedPhD]

15 hours ago, juilletmercredi said:

I used TurboTax Freedom Edition to complete my taxes. (I am in the U.S.)  They have both state and federal taxes and if you make under a certain amount, which your graduate stipend is almost certainly less than, you can file for free federally and in some states.

You can also go somewhere like H&R Block or Jackson Hewitt. They are cheaper tax preparers. But I didn't find working with them to be any less difficult than simply doing TurboTax for free.

When you file your first set of federal taxes, you can decide to do quarterly withholding. It splits the amount you have to pay at the end of the year if you owe over four quarterly payments.

I completely forgot that turbotax was a thing. Thanks for the reminder!! I am definitely going to look into that