Taxes

General Discussion for SMART Scholarship Recipients

Taxes

Postby allgmay » Sun Sep 08, 2019 2:17 pm

Hiya! So I’ve tried to read some previous posts about taxes but I haven’t really found anything to help me out. So I just received the scholarship and just got my first stipend payment last month. I saw some posts about quarterly taxes. I’m guess I’m just really confused if I need to do something now or just wait until tax season next year? Thanks in advance for any help!
allgmay
 
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Re: Taxes

Postby ttdub » Tue Sep 24, 2019 1:47 pm

If you pay taxes quarterly (ahead of time) you can save money rather than paying the lump sum during tax season. It's definitely best to put some of your stipend away each month for taxes.
ttdub
 
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Re: Taxes

Postby kbl2017 » Tue Sep 24, 2019 6:56 pm

I didn't pay Quarterly because I had no idea what I'd end up paying. I'd suggest using a tax calculator so you're prepared for what you're most likely going to owe, but I didn't end up owing anything extra for not paying quarterly!

You're totally fine this year as you're only being paid for the last quarter anyway so you technically don't have to pay until the end of the year.
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