I owed the IRS after making this tax mistake in college. investinyou (In partnership with acorns.)
div > div.group > p:first-child"> But during my junior year in college in the fall of 2017, I received something strange in the mail: a 1099-MISC form, a tax document that details payments made to independent contractors.
"For a college sophomore or a college senior, having these conversations about money can be uncomfortable," said Sean Stein Smith, a CPA and member of the American Institute of CPAs' Financial Literacy Commission.Kini Allen posted on Twitter about her son having to pay taxes for an internship required by his college.
For instance, employers are responsible for withholding taxes from their employees' wages. This way, workers pay their income and payroll taxes over the course of the year. However, because they might have a part-time job as a student, that income is considered U.S.-sourced and would be subject to taxes, she said.Whether you are required to submit a tax return depends on your filing status and your gross income.
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