Aww spring. You know what that means? Tax season. But don’t stop reading yet! We’re here to help you understand how to do your taxes as a college student. Even if it’s sometimes confusing or time consuming, doing your taxes doesn’t have to be scary! Here’s what you need to know.
Getting started
Do I need to file taxes?
There are several factors that play into knowing if you should file taxes as a student. Here are a few:
- Ask your parents if they claim you as a dependent on their taxes. This depends on your age and who is paying the bills.
- If your gross income was above a certain amount.
- If you’re single and earned more than $13,850 in 2023, you do need to file an income tax return. This will allow you to receive any additional income that may have been withheld from your paycheck throughout the year.
What do I need?
- Photo ID
- Social Security card(s)
- Income Forms (W-2s from your employer or 1099s to show non-employment income)
- Documentation for other income and/or expense
- Bank account information (voided check) for direct deposit
- Prior year tax return
- 1098-T tax form
You can find your 1098-T tax form in your Student Center. This document shows the amount of money that has been put toward your education (or qualified tuition and related expenses). It will come handy so you can claim education credit on your tax return.
What are the next steps?
There are several tax forms out there, but a popular one is the 1040 tax form. This is where you’ll fill out your tax information for the IRS.
You can do this safely and easily online for free.
Seek financial advising and don’t just rely on Google! A reliable source is the IRS, where you can find information on how to file your return and tax credits.
Getting help
Boise State resources
The Volunteer Income Tax Assistance (VITA) Program is for anyone who has an annual income of $64,000 or less. By simply scheduling an appointment – in-person or virtually – or dropping into the COBE building, you can get help from IRS certified tax preparers for free. Check the schedule and book an appointment sooner rather than later.
You can always ask Student Financial Services any questions and get advice. Check out their Student Help Center for quick “how-to” tutorials.
Check out the article from Boise State Public Radio News, “What You Need to Know About Filing Taxes in Idaho”.
You can do it!