College Students File Taxes for Free
How a College Student Can File Taxes for Free
When you head off to college and it’s near time to file your income taxes, there are a number of issues that you should be aware of. Many students see signs, file taxes for free, and away they go.
First and foremost, will you be filing your taxes or will your parents be doing them for you? If you file them, will your parents be claiming you as an exemption? Do you have enough taxable income that would require you to file?
The point that we’re trying to make is, COMMUNICATE with your parents or the individual that prepared your taxes in the past. It’s very important that you understand these basic points, otherwise, you and your parents could have some very undesirable consequences.
I always advise my clients that if they have a child away at school not to allow them to file their own taxes, if they are required to file. If they had a part time job, or by some miracle, high investment income, I will file their tax return myself, free of charge.
Before I do, I find the best way to file for the student and parents. Usually it’s more advantageous for the parents to claim the exemption, and some students have a hard grasping that. There are situations where the student wants to learn how to file taxes, and that is fine.
After he communicates with the parents and/or the tax preparer back home, and has the instructions of how to file, then he can proceed.
Usually, there isn’t much taxable income for the student to report, and online tax filing works quite well. Because of the low income, the student can file taxes for free for the federal return at out site at 1040.com, and many others as well.
He would only have a small charge to file a state return, assuming that he lived in a state that had an income tax. The interview method at our site will determine the forms needed to complete the tax return.
The student then only needs to input the information from his W-2 and 1099’s for any other type of taxable income. Once that is done, the return review pops up and all information is checked for accuracy. Once that is done and everything checks out, the student pays for the state return and he is now ready to efile the returns in to the IRS and state,
There is no charge for e-filing. If the student has refunds due, he can select the direct deposit method and have the refunds deposited to his checking or savings account. This usually takes 8 to 10 days, and it’s all done. A copy of the returns is printed and should be kept in a permanent file.
It really is a very fast and easy process, and will teach the student what to look for in future years. The main point is not to rush when filing tax returns online. Communicate, gather all pertinent information, and review.
Once you have all of that, don’t be embarrassed to ask for help if you need it. Learning how to file your own taxes may generate some questions, or perhaps clarification on some item. Get the answer and the reasoning for it in order that you better understand.
Filing taxes online is the method that we recommend, and it is safe and accurate. Many will be able to file taxes for free as long as they qualify under the IRS guidelines.
Give this a try at our online tax filing site and see for yourself just how fast and easy it really is.