There is no better way to start the new year than by filing taxes. Even though the official due date for filing taxes isn’t until April 18, getting them in as early as possible is encouraged.
University students across the country are feeling the stress of paying their taxes and paying them correctly. With the overwhelming number of tax filing websites, it can be difficult to determine which ones are safe and efficient to use.
Before the tax filing process can officially begin, students need to determine a few things. First off is to determine if filing taxes is even necessary. According to Investopedia.com, a person over 18 but younger than 65, single, and made less than $12,950 then they do not have to file taxes. Students can also check the official IRS website to access that breaks down the different requirements for different situations when filing. (IRS: Who Must File)
If it’s determined a student does need to file, the next step is determining the student’s filing status. According to the IRS website, there are 5 filing statuses: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. Once determining which status fits the student’s situation, determine whether this will be filed as an independent or dependent child.
Kenzie Jenkins, a psychology major at UNG Dahlonega, says, “Trying to figure out taxes is so frustrating. Luckily, my parents were super helpful and helped me file my taxes for the first few years.” Jenkins states that without the help of her parents, the tax filing process would have been a difficult task to complete.
If a student’s parents help them pay rent, tuition, or provide financial support, the student will mostly be filing as a dependent. It is important for students to discuss this with their parents or guardians.
According to Experian.com, students will still need to file taxes even if they are being claimed as dependents if the student “received over $1,000 of unearned income, $12,550 of earned income, or a gross income that was greater than $1,100 or $350 plus your earned income up to $12,200.”
Students who are employed will be provided a tax form as long as the workers are not considered independent contractors. An example of this is if a student was a lifeguard for a neighborhood pool, they would most likely be considered independent contractors which requires different documents.
Once students have determined how they will be filing, the next is finding a resource that is easy, efficient, and trustworthy. From the students interviewed, it was determined that TurboTax.com was the most used.
Jayda Powell, a junior majoring in Psychology at UNG Dahlonega, says, “I’ve used TurboTax since high school. My dad helped me set it up when I was like 16 and I’ve used it ever since.”
TurboTax.com is a great resource for students but can come with a fee depending on how many different documents need to be filed. TurboTax: Let’s Find the Right Tax Solution for You allows students to see what kind of tax filing process will fit their needs best.
Once the student has selected all the information that applies, TurboTax will determine if it can be filed for free or will require a fee. If students are looking for a free option, IRS Free File: Do your Taxes for Free is another great option for students to access.
