Do Students Have To File a Tax Return? Answered Here
Is it time for you to find out the answer to do students have to file a tax return?
In today’s article, I will break it down.
Tax Planning for Students
To File or Not to File, That’s the Question.
Don’t read this unless:
- You are a busy college student with no time to dig through the IRS voodoo in vain attempts to determine your tax situation
- You still are unsure whether you are required to file a federal tax return
- You want to know how to get your taxes done ASAP and on the cheap, PLUS learn a few tricks for discounting the bottom line
The important thing for busy students is to get the taxes done, or not done, before April 15.
Related to do students have to file a tax return:
Follow These Steps:
Step 1: determine the need to file a federal income tax return.
Step 2: Learn about the various tax benefits available to university students and/or your parents.
Step 3: Find low – or no cost tax preparation assistance.
In summary, taxes are generally the last thing a college student wants to worry about.
In short, the answer to do students have to file a tax return is – YES.
However, the best strategy is to find out ASAP how you are affected in the tax ecosystem.
Plus, if you have any conditions under which you must file, and what counts as taxable compensation.
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Are You Required To File a Federal Income Tax Form This Year?
The answers to common questions like these help determine if you must file state and federal taxes:
- Do you receive scholarship money?
- Do you receive grant funds?
- Are you a degree-seeking student?
- Did you work cash in hand throughout the current tax year?
- Did you have a part-time job or side hustle?
- Did you earn income at a job, as a consultant, as a freelancer, anything?
- Are you an international student here on a visa?
This is a quick checklist to see if you fall into any of the taxes categories. Also, review the questions below.
File your federal taxes for any of the following cases:
- You earned wages or a salary for the current tax year
- You earned tips
- You earned from YouTube, Instagram sponsorships, e-commerce or an online business
- You earned under the table job payment or self employment income that exceeds $400
- You earned dividends from stocks and other investments
- Interest earned from checking or savings accounts
- Used scholarship, fellowship, and/or federal grant funds to pay for expenses other than tuition and required books
- You are a non-resident or international student here on a visa
What Do You Need To Include?
Wages, salary, tips along with other income, formal or under the table, you ought to know about.
If you have got a detailed accounting of those wages is another topic, but you know when someones paid you for work or service.
In case you’ve got stocks, bonds or other investments that earn dividends you’ll automatically receive a tax form in the mail from the company that manages those funds.
The same is true for a checking or savings account that earns big fat interest in your bank…
They will send you a tax form to include with your federal taxes.
Envelopes from all of these entities marked Tax Documents will be displayed in your U.S. Mail sometime throughout the end of January or the first part of February.
File them with any other tax info you have saved.
Note that confusion enters the picture when your income is complicated by scholarship, fellowship or federal grant money, like the Pell Grant.
Therefore, you know what I will say next: Speak to a tax professional today to get clear guidance and a plan to save money on your taxes.
Faithful in your success!
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