Tax Filing for College Students
Students who are single and earned more than the $12,550 standard deduction in 2021 are required to file a tax return. That $12,550 includes earned income (from a job) and unearned income (such as from investments).
Whether or not you can be claimed as a dependent on your parents' tax return is based on your age, your student status, and who is paying the bills. Generally, a parent can claim you as a dependent until age 19, but if you are a full-time student, they can claim you as a dependent until age 24.
Earned Income Tax Credit (EITC)
The Earned Income Tax Credit (EITC) helps low-to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe --and maybe increase your refund.
The IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals.
The VITA program has operated for over 50 years. Vita sites offer free tax help to people who need assistance in preparing their own tax returns, including:
IRS forms are documents used to report certain financial transactions, calculate taxes owed or prepare tax returns. There are hundreds of kinds of IRS forms, and the IRS reissues many of them on an annual basis to incorporate changes in tax rules. However, you probably don't need to care about most of them.
Here are some major IRS Forms everyone should know.
Taxes (International Students)
International students and scholars, who receive income from a U.S. based source, are required to file federal tax returns with the Internal Revenue Service (IRS) by April 15, 2022. You may also be required to file state tax returns as well. Sources of U.S. income may include the following: on-campus employment, graduate assistantships (TA/RA/GA), scholarships, fellowships, grants, or earnings from OPT or CPT.
Having a hard time filing your taxes? Feel free to join us for our tax clinic. The Financial Wellness Center will offer free tax preparation for students at the University of Utah.
Date: April 8
Location: Union Computer Lab
Call the Financial Wellness Center if you have any questions (801) 585-7379.
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