Workshop:
Quarterly Estimated Tax
for Fellowship Recipients
OFFERED INSIDE THE PERSONAL FINANCE FOR PHDS COMMUNITY
Is income tax NOT being withheld from your PhD fellowship paychecks?

Not a problem!

This workshop shows you exactly how to calculate and make your federal income tax payments, whether once per quarter or once per year.
Why Should You Purchase This Workshop?
Simply put: The workshop takes all the stress and struggle out of estimating your tax liability on your fellowship income and determining whether you are required to pay your income tax quarterly.

This workshop is explicitly designed for PhD trainees with non-W-2 fellowship or training grant income. That means I won't waste your time covering topics irrelevant to you.

Right off the bat, I clarify exactly which types of PhD trainee income are potentially taxable.

The workshop walks you step-by-step through filling out the Estimated Tax Worksheet in Form 1040-ES, which is how you calculate your income tax due for the year and determine whether you are required to make quarterly payments.

Alternatively, if you want to cut to the chase, I explain a shortcut method that will take you only minutes!

The workshop includes how to handle several special scenarios that are common for PhD fellows, such as:

  • Receiving fellowship and W-2 income simultaneously
  • Switching onto or off of fellowship income during the calendar year
  • Being married (to someone with W-2 income)
  • Being under age 24 on 12/31
  • Having had no tax liability in the prior tax year

Finally, the workshop lays out all your options for actually paying your quarterly estimated tax (if you are required to). There are special payment options available for Quarter 1 and Quarter 4, which are covered as well.

What Is the Cost?

The fee to join the Personal Finance for PhDs Community, which includes Quarterly Estimated Tax for Fellowship Recipients, is $30 per month.

What to Expect from the Workshop
To access the workshop, you will join the Personal Finance for PhDs Community. Quarterly Estimated Tax for Fellowship Recipients is just one of the many pieces of content in the Community (more on that below).

Once you join the Community, you will have access to the 26 (short!) workshop videos and the spreadsheet to help you with the Estimated Tax Worksheet calculations. You can work through the videos at your own pace. You will maintain access to these workshop files for as long as you remain in the Community, and I will update them in the first quarter of each year.

As a member of the Community, you can also receive individualized assistance with your Estimated Tax Form through:
  • Attending the once-per-quarter Q&A call just for participants in Quarterly Estimated Tax for Fellowship Recipients
  • Creating a thread in the Community Conversations Forum to ask your question—I (and possibly other Community members) will address it
  • Asking a question during the Community's live once-per-month discussion call
The next live Q&A call is on 9/12/2020!
Who Is This Workshop for?
This workshop is for graduate students, postdocs, and postbacs with PhD-type fellowship or training grant income not reported on a Form W-2.

This workshop is for US citizens and residents for tax purposes.
What Past Workshop Participants Say
"Thanks a lot for your workshop! You provided very digestible instructions for what is an incredibly confusing process. I appreciate it!"

- Cate (2020)
The next estimated tax deadline is
Frequently Asked Questions About This Workshop
How much time does the workshop take?

The workshop includes 26 short, narrowly defined videos, so you can easily choose to watch only the ones relevant to your particular situation. If you have a simple situation, you can complete the workshop in about an hour, or even minutes if you use the shortcut method.

Do I need to know anything about taxes?

The workshop assumes you have no familiarity with the tax system and explains everything you need to know from the ground up.

Do I need to fill out any tax forms? They are intimidating!

You only need to fill out a handful of lines on the Estimated Tax Worksheet, and the workshop includes a spreadsheet to assist you with the calculations if you find the instructions confusing.

What if I have questions that the workshop videos don't answer?

The workshop walks you step by step through everything you need to know, and if you are ever unclear about something, you can come to a live Q&A call to clear it up!

MORE ABOUT THE
Personal Finance for PhDs Community
THE ONLY ONLINE PERSONAL FINANCE COMMUNITY FOR GRADUATE STUDENTS AND PHDS
Why Join the Community?
CONFIDENCE
that you are handling your investments, debts, and savings optimally
BALANCE
between living well today and preparing for the future
GUIDANCE
as to the best financial goal to work toward right now
SUPPORT
through career, family, and life transitions
INSPIRATION AND IDEAS
for increasing your income, decreasing your expenses, and sticking to your plan
ACCURATE TAX RETURN
that minimizes tax due (for graduate students and fellowship recipients who are US citizens/residents)
Who Is the Community For?
PhDs and people pursuing PhDs:
  • PhD students and candidates
  • Postdocs
  • PhDs with Real Jobs
  • Undergraduates or postbacs intending to pursue a PhD

Who live in the US [international students, postdocs, and workers welcome!]

And want to...

  • Start investing or grow in confidence in their investing strategy
  • Pay down debt and navigate student loan decisions
  • Strike a comfortable balance between spending and saving
  • Set themselves up for financial success following a move and/or job transition
  • Prepare for family and life transitions, e.g., getting married, having a baby, purchasing a home
  • File accurate tax returns that minimize their tax liability in graduate school or with fellowship income [US citizens and residents]
  • Make the most of their money (even on a low income!)
What Does the Community Include?
  • Courses and workshops on investing, taxes, budgeting, and more ("the library")—expands monthly!
  • Monthly live calls and a community forum to ask and discuss questions
  • Progress journaling for community accountability and encouragement
  • Monthly challenges
  • Monthly book club
  • Help and support from me and other PhDs who understand you and your situation!
Why Other Community Members Joined
My-Linh Luong:

Emily has always been my go-to resource for financial information, and I appreciate that she deeply understands the unique challenges that PhD students face! I've been an ongoing member of The Wealthy PhD and have benefitted immensely from having Emily's curated resources to guide my financial decisionmaking. When Emily launched a new community, I had no hesitations about joining! I'm looking forward to being in community with more PhD students and working on my goal of being completely debt-free! The numbers speak for themselves: in the past year of working with Emily, I've successfully paid off one credit card and increased my net worth by 154%!
Jordan Harrod:

After participating in Emily's awesome Wealthy PhD program, I joined the Community so that I could continue the personal finance discussions and accountability meetings with people who are or were also PhD students! Our financial situations are often a bit unique, from fellowship taxes to side hustles, so I'm looking forward to gaining more insight into how other graduate students navigate budgeting, investing, and saving.
Alex:

I joined the Community because it holds me accountable. It makes me more intentional with money so that my finances reflect my priorities. It gives me the opportunity to be honest about financial difficulties in an optimistic space in which I also receive support and advice to brainstorm financial solutions. All in all, I hope that the Community is the push my family and I need to make financial strides now that I've earned my PhD and am re-entering full-time work.
Alison:

Since completing The Wealthy PhD program in Fall 2019 I've been missing the accountability and goal setting that the program helped me accomplish. Emily's Financial Framework is a really helpful structure that has helped me understand how to approach my finances with both optimism and realism. Since Wealthy PhD ended I've managed to maintain, but not progress towards my goals. I'm hoping that by joining the community I will get out of this plateau and back on track towards my goals!
Courtney Beringer:

I joined this community because I wanted to work together and motivate other PhDs in our financial goals. I hope to gain access to great content, have fruitful conversations, and make lasting connections with others in the community.
What Is the Cost?

The monthly fee to be part of the community is $30.

READY TO JOIN YOUR PEERS?
Frequently Asked Questions
What exactly is in the library?
As of September 2020, you will have full access to these products (previously sold individually):
What resources will be added to the library in the coming months?

I have dozens of ideas for new resources for the library!

The topics that are captivating my attention right now and are likely to come out first are:

  • Self-employment side hustles, particularly how to set up a self-employed retirement account and how to handle your self-employment income for quarterly and annual taxes
  • Budgeting with an irregular income
  • Budgeting with a once-per-term income
  • Student loan decisions, particularly the federal income-driven repayment programs and PSLF

In January 2021 I will add the 2020 versions of my annual tax return workshops! All Q&A calls in these workshops in the future will occur within the community.

Of course, the resources I create in the future will be influenced by what the community asks for. Please let me know what you'd like to learn about!

What are the monthly challenges?
The August 2020 challenge is to open an fund an IRA. This is a perfect challenge to participate in if you know you are ready to invest but have been procrastinating making the necessary decisions to open an account. The challenge includes step-by-step instructions as to how to open and fund an IRA and points to supplementary material to help you make the necessary decisions.

Future challenges may include no-spend months/fasts, frugal experimentation, negotiating bills and changing providers, applying for funding or jobs, starting a side hustle, etc.
How will the community address my specific question or need?

You have several opportunities to ask questions!

The community forum and the monthly Q&A calls are great places to pose questions. I and/or other community members can answer them relatively quickly in those formats.

If your question requires a very in-depth or nuanced answer and it seems to be common among community members, I may create an entirely new piece of content for the library to answer it or bring in another expert to do so.

What if I need more personalized guidance?

This core focus of this community is financial education tailored for PhDs. If you are looking for one-on-one advice from me and small group accountability to keep you focused on your financial goals, I recommend that you join The Wealthy PhD.

Is there a refund policy?

I will not offer refunds of the membership fee. However, you can cancel your membership at any time.

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