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How does one get a tax return and how much do they get if they are a student?
Myself, personally have never done taxes and I am trying to figure them out before heading off to college next year. #taxes #income-taxes #taxesforlife
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3 answers
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Kelly M.’s Answer
Post offices and libraries often also have the paper version of forms during tax filing season. Individual returns are typically due April 15 and so you should be on the lookout around February and March for these. As Susan mentioned, you can also download forms from the IRS website online.
In terms of filing returns, you may or may not be required to file a return to depending on your income. You can always use the IRS tool to help you determine this: https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return
If you need to file, typically you can only "get" back what you've already paid in. For example, when you have a part-time job, amounts are withheld on that income. At the end of the year you receive a Form W2 that shows the gross wages paid and all the various taxes that were withheld on your behalf. Let's say you file a return and the Form W2 is your only income. Depending on your situation, you could get a refund for all or a portion of the amounts withheld for Federal and state INCOME taxes. Note, not for social security or medicare taxes.
Hope this helps!
In terms of filing returns, you may or may not be required to file a return to depending on your income. You can always use the IRS tool to help you determine this: https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return
If you need to file, typically you can only "get" back what you've already paid in. For example, when you have a part-time job, amounts are withheld on that income. At the end of the year you receive a Form W2 that shows the gross wages paid and all the various taxes that were withheld on your behalf. Let's say you file a return and the Form W2 is your only income. Depending on your situation, you could get a refund for all or a portion of the amounts withheld for Federal and state INCOME taxes. Note, not for social security or medicare taxes.
Hope this helps!
Susan Price
Managing Director at PricewaterhouseCoopers, People and Organization
7
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Boston, Massachusetts
Updated
Susan’s Answer
You need to file a tax return when you start having income. If you have not personally had income yet (whether from a job or investments or the like) you may not have needed to file a tax return yet. When you have income, you can access a fill-able tax return (Form 1040 series for individuals) on the IRS website. You can also get a copy of a tax return through for profit sources like a paid tax preparer. For your first time, you can sit with someone who does their own taxes and do yours together, or try one of the many non-profit organizations that help people with their taxes. Ask your local public library for a referral to a non-profit group that helps people with their tax returns. Good luck!
Updated
Frank’s Answer
When you start earning income, it's usually time to consider your tax responsibilities. If you're uncertain about whether you need to file a tax return, tax services such as H&R Block or Jackson Hewitt can provide guidance. Simply present them with your tax documents, and they'll let you know if filing a tax return is necessary for you. The best part is, if you don't need to file a tax return, their advice won't cost you anything. In today's digital age, these services are readily available online, making the process incredibly easy and convenient. If you're a student, it's worth investigating the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC). These credits could potentially reduce your tax bill!