Jason Dinesen

Jason Dinesen

On Posted on by Jason Dinesen to Potpourri of Tax Topics

Basics of Taxes, Part 2: How to File

apple-256261_1280This is an excerpt from a presentation I give to college students about the basics of income taxes.

The presentation and this series of blog posts are geared toward college students and their typical tax situations.

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Here’s an overview of how to file your tax return.

Documents You Need

  • W-2s
  • 1099s
  • Tuition statements from your college (Form 1098-T)
  • Receipts for other school expenses (such as books, supplies, computers)

Should You Do Your Own Taxes?

Yes! (If you feel comfortable doing them yourself.)

There are a number of DIY options, many of which will be free for college students.

  • IRS “Free File”: if your income was less than $57,000, you can use the on-line IRS Free File program to file your taxes
  • Volunteer income tax clinics: available in many communities. The same income restrictions as the Free File program apply to the clinics
  • TurboTax or other DIY software: cost ranges from “free” to $100

When to Ask for Help

You should seek the help of a tax professional if:

  • You have income from multiple states. We’ll talk about this later.
  • You’re self-employed in addition to being a student
  • You feel like you’re in over your head
  • You have kids and are not sure if you qualify for tax credits related to having kids

In part 3, we’ll get into the mechanics of filing a tax return. Filing status, tax credits, etc.

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