We understand that it can be frustrating for a student to file for taxes. With so many documents and paperwork to deal with. But you do not have to stress a bucket over it as in this article by advanced tax solutions experts, we have tried to cover everything that you need to know as a student filing for taxes.
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Whatever your concerns are related to filing taxes as a student, you will hopefully be able to find your answers here in this comprehensive guide as we have tried to cover as much as we could.
Does A College Student Need To File For Taxes? Answered By Advance Tax Solutions Experts
The answer to this question is not so simple. In order to understand whether or not you have to file for taxes while being a college student, you will have to consider the following questions that we are about to mention below.
The Amount of Money You Made Last Year
It does not matter if you are a student or not. According to income tax solutions experts, if the income you are making is over a certain amount of income, you will have to file for taxes. The Internal Revenue Service (IRS) uses various mechanisms for calculating your income. If you want to know whether or not you have to file for tax returns you will have to know your earned income and gross income.
The earned income is income you make by doing a job including any taxable scholarships. Whereas, the gross income includes your earned income or any other amount you make such as dividends or tips, etc.
Married Or Single
It also matters if you are married or single. If you are married you can file for the tax returns jointly as well.
Are You Supporting Anyone In The Household?
If you are someone who supported anyone in the household and are below 65. You will have to file for tax returns if you made $18,800 or over that.
The State That You Worked In
It also matters which state you worked in. For instance, if you moved from one state to another for school and worked there you will have to pay a state tax return as well as a federal tax. If you worked in two different states you will have to file for two-part year returns. However, for the most accurate and best source of information regarding this state tax filing, you must visit your state tax website.
Did The Employer Withhold Taxes From the Paycheck?
If your employer did withhold taxes from your paycheck, you could get some of your money back. If you would like to learn about student tax credits, keep reading the article.
How To Figure Out Your Dependency Status In College?
Your birth parents, foster parents, or any other person in the family claimed you as their dependent on their taxes in your past. A relative can claim you as their dependent as long as you are in school and below 24 years of age and that person has more than half of the financial support you.
It is important for you to know your dependency status in college because first, it helps you determine whether or not you qualify for filing tax returns as a student, and secondly, the person that claims you to be their dependent may qualify for education-related tax credits and deductions.
However, if you are someone who has a dependent such as a younger single or a child, you will not be able to become dependent on someone else. In fact, you will have to mention yourself as the head of the household, and claim a dependency deduction.
So this is everything that you need to know about filing taxes as a college student according to the advanced tax solutions experts. With our tax solutions software, you will be able to file taxes more effectively and accurately. You may visit our website if you would like to learn more about our tax solutions.