.NBCNewsBETTER: 'It was a tough personal finance lesson, and I’m probably not the first to learn it.'
I’ve been filing taxes since I was in high school.
If student workers aren’t planning for taxes, they’re also more likely to be unprepared when the taxman sends them a bill. This is especially the case if they are paid in one lump sum with no taxes withheld. Allen said her son, who has worked part-time jobs before, was focused on getting an interesting internship that paid and fulfilled his graduation requirement.My kid took a partially paid internship over the summer. He was paid for some hours and unpaid for the bulk of his time there. And now he owes money on his taxes. I can not believe this. I now think internships are stupid and a scam.“They either didn’t fully explain the implications or he didn’t know enough to understand them,” she said.
“Generally speaking, individuals who expect to owe less than $1,000 in taxes after taking into account federal income tax are exempt from the quarterly income tax requirement,” Smith said. Married couples who file jointly are required to submit a 2018 return if their gross income was at least $24,000.
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