According to the IRS, your parents can claim you as a dependent until you are 19, but once you're a student, that dependency status can be extended until you're 24. If this is the case, you can still file taxes, but you need to indicate that someone else can claim you as a depen...
Taxes are typically the last thing a college student wants to worry about. However, the better strategy is to find out ASAP how you are affected in the tax ecosystem, if you have any conditions under which you must file, and what counts as taxable compensation. STEP 1: Are you required ...
While graduating from college and starting a new job is exciting, navigating adult responsibilities, such as taxes, can be challenging. Most students depend on their parents to pay taxes while they're in college, so many students feel unprepared to file their own taxes after graduation. Filing ...
Sometimes college students are required to file their own returns even if their parents claim them. Students and parents should check the rules for dependent filing and determine whether the student is required to file their own return based on their gross income, says Kathy Pickering, chief tax ...
As part of the American Recovery and Reinvestment Act of 2009, the American Opportunity Credit provides up to $2,500 for each eligible college student per year. 40% of this is a refundable credit, meaning you can receive $1,000 even if you owe no taxes. Typically this is used for ...
Whether you’re a parent of a college student or paying your own way through school, here are 10 important things to know about college and taxes as a taxpayer. At a glance: Filing a tax return can get you a tax refund even if you don’t technically have to file. ...
There’s a few key things to know about how the ending of the student loan payment freeze can affect your taxes; plus, learn about some education tax credits many people aren’t aware of. TABLE OF CONTENTS Sample header.Transcript:Tracy Byrnes: So it's that time of year. If you have ...
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If you useCash App Taxesto file your tax return, and elect to have your tax refund deposited to your Cash App account, you can get your tax refund up to 6 days early! Check out ourCash App Banking Review here. Why I Like It:Free banking, money transfers, investing, and even taxes!
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