It’s tax season and the deadline is fast approaching. The tax deadline is typically April 15th of each year, but this year the deadline is April 17th, 2018. Taxes can be overwhelming, especially if you have never filed before. Your current situation, including employment and dependency status can impact whether or not you need to file. Are you prepared and ready to file your taxes? Here’s some good information to know before filing taxes for your first time.
Who can claim me as a dependent on their taxes?
A person may claim you as a dependent if you were under the age of 19 or under 24 and a full-time student. However, they must have provided over half of your living expenses and you lived with them over half the year. For additional information, click here to learn more about who can claim you as a dependent on their taxes.
When should I file my own taxes?
You can file your taxes if you have worked and federal and state taxes withheld on your paychecks. Make sure you are not listed as a dependent on someone else’s taxes, as this may result in penalties. Don’t forget that you need to file before the deadline of April 17th, 2018.
Do I receive any tax credits as a student? What are tax credits and how will I know if I receive money back from the government?
Tax credit is an amount of money that taxpayers are permitted to subtract from taxes owed to the government. You will not know if you’ll receive money back from the government until you complete your tax returns. You can specifically read about tax credits for students here.
How can I claim my student tax credit if I’m not working?
If you didn’t work in 2017, you cannot claim your student tax credit. However, if your parents worked in 2017, they may be able to claim this credit on your behalf. If you have questions about your eligibility, use the Interactive Tax Assistant available on IRS.gov.
Can my parents still claim me as a dependent if I’m working?
Your parents may be able to claim you as a dependent if you made less than $6,350 in 2017. If you earned over $6,350, you must file your own tax return. Before you file individually, it is important to let your parents know, so they don’t claim you on their tax return as well. For more information see Tax Rules for Dependents.
What information do I need to file my taxes?
By the end of January, your employers will issue you a W-2 and you may receive a 1098-T from the college you are attending. Both contain important information needed to file your taxes. You will receive these forms electronically or in the mail.
What if I don’t receive all of my tax forms?
The deadline for you to receive most tax forms is January 31. If you haven’t received these documents, it is possible that these forms were sent to an old address. To obtain a copy of your forms, contact the Human Resources Department of the organization.
What service should I use and can anyone help me?
Use the IRS website to find an accurate list of free software programs that are available to file your taxes. You can also find free local resources here. Many local colleges and universities offer tax assistance as well.
- Brigham Young University – Tax Help
- Utah Valley University – Tax Help
- University of Utah – Tax Help
- Utah State University – Tax Help
- Southern Utah University – Tax Help
- Dixie State College – Tax Help
- Westminster College – Tax Help
What happens if I don’t file or pay my taxes?
If you owe taxes and do not file, there may be potential financial consequences. For additional details, contact the IRS.
Employees of Utah Higher Education Assistance Authority, Complete Student Loans, and other subsidiaries are not tax professionals. If you have additional questions, contact a licensed tax professional or the Internal Revenue Service.