Summer Analyst Tax Return
I know there are a few threads about similar topics but most of them are from around 2010/2011-ish so I wanted to do a more current poll. I Interned this past summer (NY for state reference) and was wondering if anyone who just started their first year could offer some context for how much to expect in tax returns this upcoming spring. Pay was prorated 85k (~17k gross) and had around 5.5k withheld.
I feel 85k is pretty standard across all BB divisions and top PE so whether you worked IBD, S&T, PE, etc. all feedback is appreciated.
Lastly, was fortunate enough to earn a FT offer and 10k signing bonus should be coming before year end. I'm expecting to see around 5.5k of that when it hits but not sure exactly how that impacts the returns next spring.
bump the dump
Tax withholding by the company is usually done on the assumption that you are earning the full $85,000. If your annual income is less than $85k, and you are in a lower bracket you can expect a tax refund.
Of course this depends on any other income, interest, dividends you may have earned.
If you are not a NY resident, you need to pay State tax in your resident jurisdiction (if any) and claim a credit for the amount of NY tax paid.
bump
Intern Tax Advice (Originally Posted: 02/06/2018)
About to file my taxes for 2017 and was looking to get some advice. I was a SA this past summer and lived in a different state than my home residence. The main thing I'm hung up on is whether to itemize my deductions or just take the standard deduction.
Pre-tax I made roughly $14k and netted around $10k. I had a living expenses of about $6k (Rent/food/commuting).
Did not receive a relocation bonus and I won't be getting my signing bonus until I start FT. I'm still enrolled in school and I will be listed as a dependent on my parent's return for 2017.
Don't know much about taxes so any advice would be greatly appreciated. Thanks!
Pretty sure they take whichever is higher of standard vs itemized. Almost 99% sure it will be standard for your case (single college student)
Itemize kid.
Summer Analyst Tax Refund (Originally Posted: 12/17/2012)
I worked at a BB as a summer analyst. I am looking to file for a tax refund and would like to know the best way to go about this (to get the most back as possible). Also, how early can I start.
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