All About Student Taxes
Student Taxes and What You Should Know
First of all parents, you can claim your children as deductibles as long as they qualify. Full-time students qualify as long as they’re 24 or younger. Once they hit 25 you can no longer claim them on your return. If your child isn’t a full-time student you can only claim them until the age of 19. If they’re younger than 19 and they provide more than half of their own income then they can’t be claimed.
Students or children are required to file their taxes on an annual basis as soon as they start earning an income. Generally, kids start working at the age of 16. Also, they only have to file if their income is more than the standard deduction amount for the current tax year.
So, if you’re a student who is working and earning money you need to file your return. Even though in most cases parents file for their children. You’re also required to file a return if you have unearned income, such as a bond or interest that’s higher than the earned income threshold for the year.
Check with your parents before filing your own return, because qualifying children and their interest can be added to their return. If your parents add or claim you then you won’t have to file your own return.
Helpful tip: When filing your own return be sure to have all of the W-2s for all of the places you worked during the tax year, total income earned during the year, social security number, and deductions.
Students can file for tax extensions, as anyone else would. Simply pick an e-file provider like ExpressExtension to guide you through the e-filing process step-by-step. Remember that extensions must be filed by the tax deadline.
Also, they don’t extend the amount of time you have to pay your taxes, they only extend the amount of time you have to file them. Any amount owed to the IRS must be paid in full by the original tax deadline.
Students get a few deductions that they can take advantage of themselves. You can also take advantage of these deductions for your spouse or children if they qualify.
Student Taxes Are Easy
When it comes to your student, as long as they qualify or their expenses qualify you can deduct them. Also, once they start getting enough income they will have to start filing their own returns unless you claim them!
For more tax blogs visit ExpressExtension.com and please share your tips about student taxes in the comment section below.
