Tax advice for college students

By Freddie Sanchez
Contributing Writer

 

Almost everyone has to pay taxes, but the guidelines for students can be a little different.

Below is a list compiled of tax tips to help college students understand the tax season and get the most from their return.

The parents of a college student can claim him/ her if the student is younger than 24 and they provide more than 50 percent of their student’ support. This is called a “dependent.”

Even if the income of a college student was a small amount, if taxes were taken out, there’s a possibility of a refund being issued.

Another factor that might help with getting more money refunded is paying for school. If you paid money to North Lake or any other school (including a university or college), then you can claim it and it will help increase the refund amount. This credit is called the American Opportunity Credit or Lifetime Learning Credit, which is part of Education Credits.

Another tax break includes any school supplies, books, parking fees or other fees that the school or a class required.

**If interest was paid on a school loan, this may help deduct taxes owed, which in turn will increase the refund amount. This deduction is called the Education Loan.

Now you can file your taxes for free online. The IRS has posted a website with various tax services like TurboTax, H&R Block Tax Service (Online) and so many more. The URL is www.irs.gov Look under the Filing and Payment tab to the right and click on the free file option in green letters.

 If you have any further questions, the IRS can be contacted directly through its website at  www.irs.gov. Scroll down on the main page and look for the Learn About IRS Tab and click on the Contact Us option.

Or you can do a search for education credits on the IRS website. Just type in “education credits” on the search box then click on the “Top Recommendations” and it will send you to a page where it gives you more information on exactly what the education credits do or do not cover.

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