Tax returns for summer analyst pay
I recently completed my SA in a California (SF/LA) office where I was paid ~100k prorated throughout ~10 weeks plus a ~10k signing bonus. It’s my understanding that I’d be eligible to get a significant portion of my taxes back via returns since I’m being taxed as if I’m making 100k+ per year, when in reality it was just prorated across 10 weeks.
If so, can anyone provide guidance on the process and anything I need to do to get this refund? Thanks in advance.
Get ur W2 and take it to any tax person with a CPA… it isn’t rocket science lmao
You just need to file your taxes when you get your W2 (probably January 2024). You’ll file state and federal taxes. The calc will show you were taxed like you were making $100k when you made much less and you’ll get a refund. Usually takes a few weeks to get the direct deposit.
I can’t remember if there are any nuances with this and being claimed as a dependent by your parents.
Bump.
How much do you think we will get back?
Look up IRS free file and go through the IRS website to one of the vendors that still does completely free tax returns. If your summer job was your only income you’ll likely be below the threshold for free filing and all you’ll have to do is submit a w2 and you’ll get the full refund.
This is the way - file your own taxes this and next year while you can do it for free. It's very simple and there's no special tax tricks, the system will figure out you're due a pretty significant refund
Thank you
You will be taxed on the amount they actually pay you
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