Presented to you by the teachHOUSTON Student Society Filing your Taxes 101 Presented to you by the teachHOUSTON Student Society

First Things First... Should you even file? Take the IRS questionnaire and find out! https://www.irs.gov/uac/do-i-need-to-file-a-tax-return Chances are, if you had no federal withholdings and made below the amount needed to file - you don’t have to! If you made equal to or more than $6,300 as AGI, then you must file. If you made less than that, but had federal withholdings, you are not required to file. Although you should to receive a refund!

When are Taxes Due??? HEADS UP! Taxes are due TUESDAY, APRIL 18TH, 2017 this year. Why? This is different from previous years because April 15th falls on a Saturday. Since Monday is also a federally recognized holiday, the next immediate business day is TUESDAY, APRIL 18TH, 2017.

Dependent v. Independent Status <24 y/o Full-time student Unmarried/Single No dependents of your own Parents provide 50% or more of financial support Note: Only whoever is claiming you should claim your credits. That also means you don’t have to worry about the health insurance portion, b/c that is their responsibility. Independent: >24 y/o Special circumstances Have dependents of your own Are married or have been married

Materials Needed to File Typically students only need two forms: W-2s 1098-T (qualified tuition and related expenses) Some additional forms include…. 1099-G (unemployment compensation) SSA-1099 (social security benefits) 1098-E (student loan interest)

Info Regarding 1098-T If you received scholarships or grants, this form can be found via UH Self-Service > Student Financials > Request 1098-T Form If you are a dependent, this can only be claimed by whoever is claiming you. There are two scenarios: Aid exceeds tuition and related expenses This is usually the case for those whose scholarships/grants help pay for room and board The person claiming you will not receive any educational credits and you will have to include the difference as earned income on your taxes Aid is equal to or less than tuition and related expenses The person claiming you may be able to receive an educational credit

Qualified v. Non-qualified Educational Expenses Books/supplies needed for school Tuition and related expenses Non-qualified: Room and board & meal plan Insurance Medical expenses (and student health fees) Transportation Additional living expenses

Tax Forms 1040-EZ Most commonly used by dependent students Typically only income info 1040-A Most commonly used to claim several deductions and credits by independents Income + interest usually 1040 Used when taxable income exceeds $100k Most complicated form 1040X (Amended Return) Used to amend any mistakes made on previous tax return forms File 3 years after filing date of form you are amending OR 2 years after payment date for that tax year (whichever is later)

Ways to File By hand... Forms are available to print from IRS.gov By accountant… Available at any tax prep office By online services (free ones are available)... TurboTax H&R Block TaxSlayer For more free online filing sites: https://apps.irs.gov/app/freeFile/jsp/index.jsp?ck