In this episode, Emily details the steps that graduate students, postdocs, and postbacs who are switching onto non-employee fellowship funding should take to adequately prepare for next tax season. Fellows should set up a system of self-withholding starting with their first paycheck so they are prepared to pay their future tax bill(s). To avoid being fined for underpayment, fellows should assess whether they are required to pay estimated tax and do so if required. Emily has a workshop that walks fellows through these processes, which can be sponsored by your institutions.
Personal Finance for PhDs