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

2. First Things First...
Should you even file? Take the IRS questionnaire and find out!
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!

3. 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.

4. 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

5. 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)

6. 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

7. 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

8. 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)

9. 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: