Some college students may be familiar with the annual responsibility of filing out a federal tax form. Other college students may only be familiar with tax forms from stand-up comedy routines and late night talk show jokes. For students who may be filing tax forms for the first time in 2010, the process may seem confusing. How can students gain a better understanding of their responsibility to the nation? With some helpful information concerning common tax form questions, Kean University students may find that navigating the tax form process is not as difficult as it seems.
"Do I have to file a federal tax form?"
In the United States, the federal agency in charge of collecting taxes is the Internal Revenue Service. Each year, the IRS releases Publication 501, a taxpayer guidebook that is available online at the IRS government web site. Publication 501 presents very long and detailed descriptions of different taxpayer categories. With a little patience, a student can read through the descriptions and determine their taxpayer status. According to Publication 501, students should first find out if another person will claim them as a dependent. When a student relies on another person for financial support, such as a parent, guardian, or spouse, that person can claim tax exemptions by listing the student as a dependent. After finding this information, it is important that students who are claimed as dependents do not halt their tax status investigations. Even though a student may be financially reliant on another person, they are not necessarily free of tax responsibilities. Students who are claimed as dependents may be required to file a tax form under various circumstances. Descriptions of these circumstances can be found in Publication 501.
"What paperwork do I need to fill out?"
To file a tax form, students must complete a 1040 form. The IRS offers shorter versions of the 1040 form that may be suitable for some students. Students with a taxable income of less than $100,000 who do not claim any dependents and earn less than $1,500 in interest income may choose to fill out the 1040EZ form. Students with an income of less than $100,000 who are looking to claim tax credits for educational expenses and other similar costs may opt for the 1040A form. If the shorter versions of the 1040 form are not suitable, students can fill out the traditional 1040 form. The forms will be sent to students in through the mail, but copies can usually be found at public libraries. To avoid mistakes, it may be wise for students to double check their important documents before they begin to fill out their tax forms. Students may decide to fill out a rough draft and save it as a personal record.
"Do I have to file a federal tax form?"
In the United States, the federal agency in charge of collecting taxes is the Internal Revenue Service. Each year, the IRS releases Publication 501, a taxpayer guidebook that is available online at the IRS government web site. Publication 501 presents very long and detailed descriptions of different taxpayer categories. With a little patience, a student can read through the descriptions and determine their taxpayer status. According to Publication 501, students should first find out if another person will claim them as a dependent. When a student relies on another person for financial support, such as a parent, guardian, or spouse, that person can claim tax exemptions by listing the student as a dependent. After finding this information, it is important that students who are claimed as dependents do not halt their tax status investigations. Even though a student may be financially reliant on another person, they are not necessarily free of tax responsibilities. Students who are claimed as dependents may be required to file a tax form under various circumstances. Descriptions of these circumstances can be found in Publication 501.
"What paperwork do I need to fill out?"
To file a tax form, students must complete a 1040 form. The IRS offers shorter versions of the 1040 form that may be suitable for some students. Students with a taxable income of less than $100,000 who do not claim any dependents and earn less than $1,500 in interest income may choose to fill out the 1040EZ form. Students with an income of less than $100,000 who are looking to claim tax credits for educational expenses and other similar costs may opt for the 1040A form. If the shorter versions of the 1040 form are not suitable, students can fill out the traditional 1040 form. The forms will be sent to students in through the mail, but copies can usually be found at public libraries. To avoid mistakes, it may be wise for students to double check their important documents before they begin to fill out their tax forms. Students may decide to fill out a rough draft and save it as a personal record.
