As usual, the deadline to file your annual tax return for the fiscal year 2015 is April 15th, 2016, is fast approaching. Typically, college student returns are not extremely complicated due to a lower income and limited deductions. It’s important that you don’t fall behind and let this deadline sneak up on you. To help get you on track to submit them early, listed below are some commonly asked questions about how and when to file your individual taxes.
Do I really need to file a tax return?
Being confused about filing taxes is normal for all college students. Based on the amount of income you may have earned in 2015, not everyone is required to file a tax return. However, although it may not be a requirement for most college students to file a tax return, it may be beneficial for you as you may receive a refund from excess paycheck withholdings.
Where do I start?
The first step is to acquire your W-2 from your employer(s). A W-2 is a form that lists the amount of wages an employee earned that year and also the amount that was withheld. Employers are required to send your W-2 to both yourself and the Internal Revenue Service (IRS). Make sure to get one from each employer you worked for from January 1st 2015 to December 31st 2015. Next, Kansas State University sends a 1098-T to each student in the mail. The 1098-T is also available on your KSIS account in the drop-down option under “Other Financial”. This form is sent out as a summary of your educational expenses with Kansas State University for that year.
What is Form 1040?
Form 1040 is the U.S. Individual Income Tax Return and is used to file your taxes. This document as well as detailed instructions can be found at www.IRS.gov. The IRS website is also where you can e-file your taxes. If you feel more comfortable mailing your taxes, there is also instructions on the IRS website about how to do so.
I need help… Where do I go?
Don’t be ashamed! Taxes can be extremely confusing and everyone’s situation is different. Your situation may be more complicated than the average college student.
Volunteer Income Tax Assistance (VITA) is a great option for most students. VITA is a free service for tax payers with a max household income of $54,000. VITA can only file simple 1040s and Kansas returns. The service cannot itemize or prepare returns for military members and international students. Call 565-6426 or e-mail vitataxes@gmail.com to set up a free appointment at the Manhattan Public Library.
The Manhattan area also offers several other tax preparers. These can be found by using the IRS search tool at http://irs.treasury.gov/rpo/rpo.jsf. The tool allows users to search your area for tax preparers while also narrowing your search for certain credentials (such as a CPA). A Preparer Tax Identification Number (PTIN) is necessary for anyone to prepare a tax return for a client. All of the preparers listed on the IRS search, although different skills sets and expertise, are able to prepare since they currently hold a PTIN.
Can Powercat Financial Counseling help me?
PFC counselors are not trained in tax preparation matters and the advice listed above may not apply to your unique situation. While PFC counselors cannot give any tax advice or help with your return, counselors are still available for any other financial needs regarding student loans, budgeting, credit, and FAFSA issues. Appointments with Powercat Financial Counselors can be made through the PFC website at www.ksu.edu/pfc.
Keaton Dugan
Graduate Research Assistant
Powercat Financial Counseling
Disclaimer: Powercat Financial Counselors are not tax professionals. We cannot and do not give any tax advice. Statements made above may or may not apply to you, your situation, or your local state/jurisdiction. You should not rely on the general information in this article when making any tax-related decisions. This article is simply a reference to other materials that taxpayers may find helpful.
