The April 15 tax deadline is here, and many college students are realizing that they have no idea where to start. Let’s address some common questions people have before they begin filing.
“Do I need to file taxes?”
Most of the time, the answer is no, as not everyone needs to, but many people should, especially if you’ve received money from a job. Even if you made below the minimum threshold, filing your taxes could get you some money back. If you had taxes taken from your paycheck at any point, then there’s a good chance you’re owed something. Filing also creates a record of your income, which can help you qualify for certain tax credits or income-based benefits.
“What do I need to file taxes?”
The standard documents needed include:
- W-2 forms from any jobs
- 1098-T (tuition statement from your school)
- Social Security number
- Bank account information for direct deposit
“What are some free filing options?”
If you’re a student, there’s a pretty good chance you qualify to file your taxes for free, so a good place to start is the IRS.gov website. It offers a list of options to choose from, such as FreeTaxUSA.com. FreeTaxUSA allows for free federal filing and is quite beginner-friendly, making it a great pick for students and other first-time filers.
UCO also offers a completely free Volunteer Income Tax Assistance program, providing in-person help from IRS-certified volunteers in the Business Building, Room 107, running from late January through early April.
“What happens if I file my taxes late?”
No need to worry. If you’re expecting a refund, you won’t face a penalty for filing late. However, you will face penalties if you owe money, and interest can accrue the longer you wait.
Filing for an extension is also an option. It can provide you with more time to submit your tax return, but it cannot give you more time to pay owed taxes.
“Can I file taxes from a previous year?”
Absolutely, but there is a limit. To claim a refund, you have to file within three years of the original due date. So if you have a W-2 form from 2023 lying around, it’s not too late to file and potentially get your money back.
“How do I get a W-2 form?”
If you’re just now wondering where your W-2 is, you’re cutting it close.
Employers must send out W-2 forms by the end of January via mail or electronically. If you haven’t received yours yet, contact the payroll department for your employer as soon as possible. You can either have it resent or receive access to it online.
Taxes might seem intimidating, but with the right resources available, they become pretty straightforward. If you have not filed yet, act now and consider an extension if needed. So grab your paperwork, use your tools, and don’t be afraid to ask for help if you need it. Your future self (and your bank account) will thank you for it.
