While April may seem a long way off, you may have already received some emails concerning the urgency with which you need to file your taxes this year.
If you’re not a finance bro or didn’t pay attention when your grandpa was discussing his favorite pastime, then you may not have any idea how to approach the daunting task of correctly filing your taxes as a college student.
There are many factors that will impact how you file your taxes, including employment, marital status, citizenship and income, just to name a few.
If you are wondering if it is even necessary for you to file your taxes this year there are a few key things to assess. If you are a United States Citizen, a permanent resident of the United States, are self-employed and have made a net-value of $400 or more, then you must file a tax return. However, there are discrepancies concerning how you should file your taxes based on your personal and financial situations.
You will receive a different tax document depending on your place of employment. Some typical tax forms are W-2, 1099, 1040, and 1098-T.
For many students, “special tax situations and benefits” may apply, according to the irs.gov website. For instance, if it applies to you, be sure to check with your parents or gaurdians and see if they are willing and able to claim you as a dependent before filing your taxes.
Additionally, students involved in higher education may be able to claim further tax benefits. According to the irs.gov website, “If you have student loans or pay education costs for yourself, you may be eligible to claim education deductions and credits on your tax return, such as loan interest deductions, qualified tuition programs (529 plans) and Coverdell Education Savings Accounts.”
As a student of Asbury University, you most likely received an email from student.accounts@asbury.edu containing the 1098-T Tuition Tax Statements, which will be essential whether you are filing as an independent or have parents or guardians claiming you as a dependent.
As you prepare to file your taxes this year, maybe for the first time, be sure and ask for help from parents or guardians; as well as considering using online tax software to help guide you thorough the process.
There are many different tax softwares out there to choose from. An article from The College Investor website lists a few of the best tax softwares available. Voted number one for the overall best tax software for “typical tax filers”, was FreeTaxUSA. If you are looking to file your taxes for free then Cash App Taxes is a good option. There are other softwares that are not free but, as noted in the tax softwares article, are easier to use and understand such as TurboTax, H&R Block, and TaxSlayer.
Another helpful resource you can refer to while preparing for and filing your taxes is the irs.gov website. This website has extensive explanations of the types of forms you may need, how you should file depending on your specific situation, as well as a step by step guid for filing your taxes.
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