Forms And Other Things A Student Needs To Know To File Tax

You are taking a one big step towards adulthood when you start attending college. You are going to juggle several tasks such as attending classes, studying, keeping up with homework, holding down a job and preparing yourself for a job after graduation at the same time.

In addition to these responsibilities, you also have to start filing tax as an adult. Filing tax can be stressful and tricky for a college goer. However, you can find a tax consultant or advisor offering tax services in Pasadena TX.

You are also eligible for some education credits. So, take advantage of those credits as well. You can get a nice tax refund.

this actually works.

What You Need To Know

●Your dependency status

●Tax forms you need

●Education tax credits you can claim

●Tax deductions you qualify for

Dependency Status

You are at school, working at a job, washing your own laundry and living on your own. Don't you love your independence? However, you can be considered a dependent. Have a conversation with your parents and establish the dependency status.

You are not eligible for deductions if your parents claim you as a dependent. So, make sure that your parents are not claiming you as a dependent while filing tax.

Your parents can claim dependency until you are 19. However, when you are a student, the dependency status can be extended to the age of 24. You can file taxes, but you cannot claim education credits or tax deductions. It's because your parents are already taking these deductions.

Tax Forms You Need

You need to be aware of the tax documents and forms involved in tax filing. These documents can be sent by student loan lenders, your college or past employees. Make sure that your documents and forms are arriving safely. These documents might be sent to your permanent address. So, ask your parents to collect them.

Following are the documents you need and are available online.

●W-2

●Form 098-T

●Form 8863

●Form 1098-E

W-2

Your employer will send you this form. This form contains tax withheld from your paycheck. Contact your employer if you have not received one.

Form 1098-T

Form 1098-T is the tuition statement that is sent by your college. This form includes information you need to report to claim tuition fees, grants or scholarships you have received, adjustment from last year and other education credits. Contact your school if you have not received this letter.

Form 8863

You need this form to see if you qualify for the lifetime learning credit and the American opportunity credit.

Form 1098-E

This form is required to deduct interest you have paid on a qualified student loan. Your lender sends this letter if you have paid interest more than $600.

You can sit with a tax services in Pasadena TX expert to learn more about education credits and deductions you are qualified for.

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Friday, 24 January 2020

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