As a college student, you may be eligible for certain tax credits and deductions that can lower your tax bill or increase your refund. Here are some things to consider as you prepare for tax season:
- Determine your filing status
Your filing status will determine which tax brackets you fall into and which credits and deductions you are eligible for. If you are a dependent of your parents, you will need to use their tax information to determine your filing status.
- Gather all necessary documents
You will need to have your Social Security number or Individual Taxpayer Identification Number, as well as any forms related to your income (such as a W-2 or 1099). You may also need documents related to any credits or deductions you are claiming, such as a tuition statement or student loan interest statement.
- Consider claiming credits and deductions
As a college student, you may be eligible for credits and deductions such as the American Opportunity Tax Credit, the Lifetime Learning Credit, and the Tuition and Fees Deduction. These credits and deductions can help lower your tax bill or increase your refund.
- File your taxes
You can file your taxes for free through the IRS Free File program if your income is $72,000 or less. You can also use tax preparation software or hire a tax professional to help you file your taxes.
It’s important to note that every individual’s tax situation is unique, so it’s a good idea to consult with a tax professional or use tax preparation software to ensure you are taking advantage of all the credits and deductions you are eligible for.