Filing Taxes: College Edition
Taxes. A subject that ought to be taught throughout grade school and perhaps a mandatory college class. Regardless, we should all expect to file taxes at some point in our lives. The question here, however, is if college students will need to file a tax return.
Article: https://money.usnews.com/money/personal-finance/taxes/articles/tax-filing-tips-for-college-students
This will all depend on a student’s income (if applicable) and if taxes have been withheld from the student’s paycheck. College students who are single and have an income $12,400 or more should expect to file an income tax return. This incomes includes both earned and unearned income. The difference between these two is that earned is from a job, while unearned can come from investments, unemployment compensation, dividends, etc. A student may also file a return if their unearned income is greater than $1,100 and/or if their self-employment income is greater than $400.
What if you are a student who is claimed as a dependent? Generally speaking, no. Your income will be added to that of whom claims you as a dependent.
Now, if you find yourself in a position to have the need to file taxes, here are some forms you may need. The federal income-tax return will be filed with a Form 1040. If you worked or are working, you will expect to receive a W-2 to report your income and any taxes withheld from your full-time and/or part-time position. Form 1099’s will be received for those with freelance work.
For filing taxes, students can file for free through the IRS Free File. This option is viable, so long as the student has an adjusted gross income of $72,000 or less.
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