College Student Tax Return Questions

College Student Tax Return Questions

Are you a college student? Your life might be complex. And if you need to file an income tax return on top of it you might need assistance. Here is help with some college student tax return questions.


When does a university student need to file an income tax return?

Here are a few situations of when a tax return should be filed by a student who owe taxes:

    • The pupil obtained tax and a W-2 has been withheld. Look at the W-2 Box 2 Federal tax. He or she could be due a refund of the money.
    • You received several W-2s, but didn’t have federal tax withheld on all the W-2s. You might not had enough tax withheld and might owe income tax.
    • You obtained Box 7 employee compensation and a form 1099 MISC has an amount in it.
    • Your student obtained a scholarship the included room and board. This portion can be taxable.
    • You are categorized as an independent contractor and should file an income tax return to pay the self-employment tax and may owe income tax.
    • You received investment income from dividends and interest. If the investment income is greater than $1 a childs investment income could be taxed at the parents tax rate. Check with a CPA if the child was a complete time student, under age 24 towards the end of the tax year.
    • You as a student made a gain and began a company. You may want to pay the self-employment tax and income tax. Visit if you have questions regarding starting or running a business.
    • Your started a company and lost money on it. You might wish to file an income tax return to reduce their taxes within this season or future years.
    • You as a college student received a form 1099 B from with a broker, bank or mutual fund company because you sold stock or a mutual fund have made a gain on the sale. You should submit a tax return and include the inventory sale on Schedule D.
    • You sold stock or a mutual fund and also had a loss on the sale. might wish to file an income tax return to reduce taxes within this season or future years.



In summary, capital losses are limited to $3,000 a year and might be carried forward.

If you are a parent with college student tax return questions, and your son or daughter earned income from with a job or with a company and wants to open a Roth IRA speak with a financial advisor.

Always remember to file a tax return if you have a part-time business and earned income, even when tax isn’t owed.

Finally, consult a local CPA to assist you when it comes to submitting a tax return. I hope this helps you with teens and taxes today.


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