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Here is what you need to know about filing taxes as a college student: Tax Guide for College Students: What You Need to Know Find out your dependency status. Figure out which tax forms you need.
Claim the right education tax credits. Take all the higher education tax deductions you qualify for. While you may love your independence, you may still be considered a dependent. Students and parents need to have a conversation to establish dependency status. So before you file, confirm whether or not your parents will be claiming you as a dependent on their taxes this year.
If this is the case, you can still file taxes, but you need to indicate that someone else can claim you as a dependent on your tax return.
Tax Forms Needed You might receive various tax documents and forms for filing a return. Depending on who is sending you these documents e. If possible, write a list of everyone who would send you a document.
Contact these institutions to confirm your correct address, including spelling and apartment number, so they are sure to be sent to the correct place. Some of these forms and documents are available online. This is your tuition statement, which your college should provide. The IRS offers instructions for this form as well as an example.
This credit is a modified version of the Hope Credit. Unlike the American Opportunity Credit, this is nonrefundable. Unlike American Opportunity, the Lifetime Learning Credit is good for postsecondary education and any courses to acquire or improve job skills.
This deduction will reduce your taxable income, according to the IRS. The expenses must either include costs that you paid during the academic year that were also in the same taxable year or in the academic period that begins in the first three months of the following tax year.
The following costs are considered qualified expenses for education tax credits: Tuition fees for attendance Required course materials including books, supplies, or equipment For purposes of the education tax credits, the following are not considered qualified expenses: They may mail you a paper copy of this form, but many lenders also allow you to access your form online by signing into your account.
If you have trouble accessing your form, contact your loan lender. But what happens at tax time? Income and Your Taxes You might not need to file a tax return if your income is not above a certain amount depending on your filing status.
If you worked during the past tax year, you should file a or A tax form.Here you want to enter the number of people in your FAFSA parent’s household who will attend college between July 1, and June 30, Include: Yourself, even if you will attend college less than half-time in the award year.
Texas State University's intent is not to offer tax advice but to alert students and parents of the potential tax credit. Please contact a tax professional or the IRS at () or the IRS Office of Public Liaison at () for details.
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Jan 31, · Students Page College Bound Student's Page - College Bound. English; More In File You may be eligible to claim the Hope or Lifetime Learning Credit or student loan interest as an additional tax deduction.
Helpful Forms. Form EZ, Income Tax Return for Single filers and Joint Filers With No Dependents and the Instructions.