Unless you’re an accounting major, filing taxes may not be your idea of a good time. But if you don’t file, you may end up leaving a lot of money on the table. If you’re going to file taxes for the first time this year, here are a few tips to make this task easier and less stressful:

 

  • If taxes were withheld from your paycheck, even if you only earned a little money, file your taxes so you can get some of that money returned to you.
  • If you earned more than $10,400 in 2017, you must file a tax return.
  • You’re eligible for at least 3 tax breaks in the years you pay tuition: The American Opportunity Tax Credit, the Lifetime Learning Credit, and the tuition and fees deductions.
  • If your parent still claims you as a dependent, you must mark off “I can be claimed on someone else’s return” on your form.
  • File early. Waiting until the last moment will only make the process more stressful.
  • You can file your Federal taxes for free and online by going to www.irs.gov. There are other free filing websites, found easily through an online search.
  • You’ll have to pay state taxes to each state you are a resident of during the tax year. If you attend college in one state but live in another, check the residency requirements to see if you qualify as a resident or nonresident of the state in which you attend school.

 

Here are the forms you’ll need to file your taxes and get your returns:

 

  • W-2: Your employer will give this to you. It’ll show any taxes that were withheld from your paycheck.
  • Form 1098-T: Your college will send you this tuition statement. It includes information you’ll need to claim education credits.
  • Form 8863: This is another form that will tell you if you qualify credits like the American Opportunity Credit and the Lifetime Learning Credit.
  • Form 1098-E: Use this to deduct the interest you paid on a qualified student loan during the tax year. Your lender will send this form to you if you paid more than $600 in interest.

 

Filing taxes may seem like a boring chore, but if you don’t, you’ll miss out on a nice tax return. And who wouldn’t like a little extra cash in their account?

 

 

 

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