Today’s students are showing a keen interest in all things money. Whether or not they are thinking about doing their taxes, we know it’s a skill they’ll need sooner than they may realize. Whether because they are receiving their first paychecks, making money from investments, or even starting their own business, young adults need to start their financial lives on the right foot. Now more than ever, there are resources available for helping students get exposure to learning about taxes before they face them for the first time in the real world! Students can benefit from knowing how to take advantage of any credits they could use to their benefit, and to help them know the importance of proper filing to avoid penalties.
The TurboTax Simulation in Tax Simulation: Understanding Taxes is a great FREE resource that teachers can share with students this tax season. This real-world tool, created in partnership with Intuit for Education, provides high school students with the skills and knowledge they need to file taxes. Students will learn why we pay taxes, how different life circumstances impact taxes, and the steps and requirements for filing taxes.
A key consideration when developing the TurboTax Simulation was thinking about equity and how students can have a wide range of previous experience with financial topics. Not only does the TurboTax Simulation assume no prior knowledge, but it presents outside-the-box scenarios to be inclusive of diverse backgrounds. By discussing things like gig work, tax credits available for different family structures, and student loan interest, students from many backgrounds will see themselves represented in the scenarios.
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Kevin Mechenbier is a functional subject matter expert for EVERFI, based in Colorado. At EVERFI, he supports educators across the US and Canada as they implement EVERFI’s no-cost resources related to Financial Education and Career Readiness. With a background in education nonprofits, Kevin is a passionate supporter of real-world learning as a way to bridge gaps as students enter their career.