How do I file taxes?

[monkey68]

I just got my w-40, and I need to file my taxes, in the past, my parents just dropped mine off at the accountant with their returns and she did them all for us. This year, it seems silly to do that, because I really didn't make much money at all, just some money from a work study program I did over the summer. So how difficult is it to do taxes myself? I know we got a form about declaring a portion of the tuition or something, as well as a form about interest payments on loans. But where do I even get forms to file? I am really clueless, don't even know where to look for this stuff. Can anyone give me a run down on the filing taxes for dummies?

 

[metalis4ever]

I would recommend Tax Act or Turbo Tax both are great user friendly electronic filing programs that will take you step by step. I used Turbo Tax on Saturday and it took me 10 minutes to file. YOu should have received a 1090 (I think that's the form) form detailing your student loan interest. If you are still in College I am sure there is someone on campus that would be willing to help. Turbo Tax charges $65 to file Electronically but Tax Act is free for Federal and charges for State (not sure how much). Being that you didn't make alot of money you should look into using Tax Act...

 

[Free4Life11]

www.TaxFreedom.com

It's though Turbo Tax. The BEST website! I love it, used it 5 years and no problems so far!

 

[Rella Bella]

Here's the link to Free Turbo Tax... it will walk you through the process. We have used the full version but you won't need that for your simple return.

Here is Free Turbo Tax with explaination

 

[CPT Tripss]

There are lots of options for free filing - at www. irs.gov
If your state has an income tax look for one of the options that lets you file the state tax free too. (freetaxusa.com is one - depending on age and income)

 

[Michelle67]

When I was a student my tax return wouldn't have been worth buying a program to do. I was always well below poverty level in earnings (as I'm sure you are with pt work study). I just picked up a 1040EZ at the library, mailed it, and got every penny back. Sounds like you could probably do the same on the free Turbo Tax. It's a very short, basic form and pretty much dummy proof.

 

[monkey68]

I like the free Turbo Tax. I looked at it the other night, and it seems very simple and straight forward. I could have probably filled out the whole thing then and there, but I didn't want to get out of bed to look for the papers. Now I just need to find out if my parents can still claim me on their taxes.

 

[Charade]

Don't forget your state or local filing (if required)!!

 

[tar heel]

It sounds like you are a college student. You need to talk to your parents and decide whether you or them is going to claim your personal exemption. Since you did not make much $, if their income is in the range to take the tuition credit/deduction, it is probably better for them to claim you. Only one of you can take this exemption and only that person (or people in the case of your parents) can take the education credit.

If you have one W-2 and they are claiming you, your taxes will take about 5 minutes to do.

 

[monkey68]

It sounds like you are a college student. You need to talk to your parents and decide whether you or them is going to claim your personal exemption. Since you did not make much $, if their income is in the range to take the tuition credit/deduction, it is probably better for them to claim you. Only one of you can take this exemption and only that person (or people in the case of your parents) can take the education credit.

If you have one W-2 and they are claiming you, your taxes will take about 5 minutes to do.

I'm a graduate student though, so I don't know if it makes a difference. I know when I apply for FAFSA, I'm considered independent and my parent's income doesn't make a difference when getting financial aid. They also don't pay for my tuition, I use loans and savings. I don't live with my parents the entire year either, since I rent an apartment near my school (same state, though). I'm going to call them later though and ask what they're going to do. I'm not sure if there is a limit to how old a person can be to claim them.

My taxes should be easy to do though, I have one W-2 with not a lot of money on it, a form with the tuition statement, and a form from my lender. I just want my money back since they took a lot out from the work study.

 

[tar heel]

I believe the age limit is 24. We were able to claim our oldest last year even though he finished school in August and did the Disney College Program fall semester.

 

[onelilspark]

I used www.taxslayer.com

It's the cheapest I found to do it for you (including state, which is what is usually $$) Though last year when my taxes were simpler and I used the 1040EZ form (no deductions) I did it myself and it was really easy. I used a program this year since I bought a house.

 

[okeydokey]

If you still have questions, many public libraries or community centers have volunteer tax helpers.