What to know about taxes for MSTP students: We do not pay FICA taxes (medicare and social security). This also means our income does not count as contributing to social security. We do pay Federal, State and City taxes.
For 2020, assuming an income of 40k, the taxes will be roughly:
| Source | Percent | Total |
|---|---|---|
| Federal Income | 10.37% | $4,147 |
| State Income | 4.16% | $1,663 |
| Local Income | 2.89% | $1,157 |
The bare minimum forms are a W2, which comes by mail (for me at least) and the 1098-T, but only for calendar years in which you were enrolled in the MD portion. In TurboTax, you can edit the section where the 1098-T is uploaded to manually enter any qualified expenses (room + board, books, software, step stuff) which is especially important if you’re using a tax privileged education account like a 529 for any expenses. 1098-T is found on empower.
For finances in general, I've heard good things about the book The White Coat Investor and investing early in a Roth IRA is a good idea.