By: Sammie Brueggemann
Tax season is officially underway! Filing your taxes can be very confusing especially since you may or may not be filing as a dependent any more. To help with confusion, Real L.I.F.E has provided some tips and tricks for any student(s) filing their taxes this year!
Do I Even Need to File My Taxes? You only you need to file your taxes if you hold a job and have made more than $1050 over the course of the year. If not, you shouldn’t need to file your taxes.
Where Can I Get a Form to Fill Out My Taxes? If you are eligible to file for your taxes, your place of employment should have given you a form or should have mailed it to where you live.
Is it Okay that My Parents are Still Claiming Me as a Dependent? Of course it is, as long as you’re a full-time student, under 24 years old, your parents are providing less than half your own support, and you’re filing single or married filing separately.
Can My College Tuition Count as an Exemption? Actually, YES! According to the Internal Revenue Services, if you’re a student, not filing under the status, “married filing separately”, your AGI (adjusted gross income) is less than $80,000 if you’re single, and $160,000 if you’re married, and you are not being claimed as a dependent on your parents’ tax returns then you can claim your college tuition or loans as an exemption. In this scenario, you will want to fill out an 8917 Form that can be found at irs.gov.
What Form Should I Use If I Want to Deduct My Student Loans? If you are interested in deducting your student loan interest you paid for, you should have received form 1098-E. If you have not received this form, then you should go to irs.gov and print it off. If you’re not sure if you qualify for this, make sure you are not filing under the status, “married but filing separately”, your AGI (Adjusted Gross Income) is less than $80,000 if you’re single, and $160,000 if you’re married, and you can’t be claimed as a dependent on your parents’ tax returns.
I Need Help Filing My Taxes, What Should I Do? You’re in luck! Thanks to Missouri State University, now until April Accounting students are offering free tax preparation services at different locations throughout Springfield. If you would like to schedule an appointment or would like to know more information, you can call (417) 720-2000.
When are Taxes Due this Year? This year, taxes must be postmarked by Tuesday, April 18th, 2017.