Preparing for the future: Milwaukee students learn the facts about filing taxes

MILWAUKEE (WITI) -- The clock is winding down on your last day to file 2014 taxes. Here in Milwaukee, teens are getting a head start so the task isn't as daunting in the future.

For a 13-year-old, tax day might seem like a vague, obscure deadline that stresses out their parents. But at Junior Achievement's Finance Park, a group of Milwaukee middle and high school students are learning exactly what tax day means.

The tax day event teaches students from Rogers Street Academy and the Barack Obama School of Career and Technical Education, how to fill out an IRS 1040 form and submit it -- plus how to budget.

Before even stepping into the classroom, students have taken personal finance classes. When they get here, to make it more realistic they take on the identity of an adult. They get a career, an income, and all the information that would be on a W2.

"From there they have to put their balanced family budget plan together," said Junior Achievement of Wisconsin President, Tim Greiner.

Junior Achievement leaders say some students are shocked to find they don't get to keep their whole paycheck, or don't understand the purpose of taxes.

But they'll walk away with a better understanding.

"You had to do all the math and equations and all that," said Fabian Sepulveda, Rogers Street Academy 8th grader.

And parents can help.

"Encouraging their teens to budget, to plan their expenses, to delay purchases. Those types of things," said Greiner.

So when the time comes for these kids to do their taxes, the deadline hopefully won't be so daunting.

The Junior Achievement Finance Park Program combines in-class learning with a visit to a simulated town.

Students visit 19 businesses throughout the day, learning about savings, debt, credit and interest.

For more information on the Junior Achievement Program of Wisconsin, CLICK HERE.