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Stephen K
Alright, I've been browsing the web and reading a lot of different articles and sources of information with regards to how I should file my taxes but it all seems contradicting and it all is not very clear to me. So, with that said, I request any help I can get with how I should file my taxes. In advance, any help will be greatly appreciated. I anticipate to file but I am not sure what all to claim on my form. Details regarding 2012 are as follows (numbers are close to actual numbers, but not exact):
- Resident of Alabama for 7 years
- Enrolled August-December of 2012 as a full time college student
- Scholarship from university for ~$3500
- Federal Direct Sub Loan ~$1500 (I have not started paying back yet)
- Paid ~$300 out of pocket for school, not including a ~$700 laptop for school
- Provided over 1/2 of my income, so will not be a dependent on my parent's income even though I
do live with them.
- Self-Employed, ~$8000 untaxed earnings
- No kids
- No spouse
So, that's it in a nutshell. I know I may be asking a lot; however, I am not asking for someone to file my taxes for me. I would just like any help on what to consider deductible or what all I need to claim. Any help will be much appreciated.
Answer
I'll take your details point-by-point and explain how they are related to your tax situation:
- Resident of Alabama for 7 years
Irrelevant for federal tax purposes. You will have to file the federal form and then the Alabama tax form afterwards (if Alabama has a state income tax).
- Enrolled August-December of 2012 as a full time college student
How old are you? If you're under 24, you may be considered a dependent on your parents' tax return. Did you provide at least half of your own support? If so, they cannot claim you and you would file as a single individual, and nobody can claim you on their forms.
- Scholarship from university for ~$3500
Did you use this for school purposes, or outside of school? If for school purposes, it's not considered taxable income.
- Federal Direct Sub Loan ~$1500 (I have not started paying back yet)
The proceeds from this loan were used to pay for tuition, and can qualify you for education credits. Some credits (like the American Opportunity Credit) are refundable.
- Paid ~$300 out of pocket for school, not including a ~$700 laptop for school
Your school should have provided you with a 1098-T statement, although that is for informational purposes only. This statement can be used when claiming educational expenses (I'll attach a publication that explains them in my sources).
- Provided over 1/2 of my income, so will not be a dependent on my parent's income even though I
do live with them.
Well that answered my question from earlier. You are not considered a dependent on your parents' form then.
- Self-Employed, ~$8000 untaxed earnings
This is where it gets tricky. You will have to start with a Schedule C, then move on to Schedule SE to report Self-Employment Tax. Since your income was untaxed, you will have to pay the Self-Employment Tax, which covers your portion of Medicare and Social Security.
- No kids
- No spouse
Well good, one person makes it a bit easier to sign and file.
Good on you for taking the tough task of filling out your return, but I'll warn you it might get a little tough. However, you will save yourself the $200-300 on tax preparation fees that many places charge. What you should do first is start filling out Schedule C for your Self-Employment earnings, then move on to Schedule SE to figure out your Self-Employment Tax. After that, move on to Form 8863 to claim your education credits, and once all those forms are done, you can fill out Form 1040. All of these forms are available from the IRS.gov website, and I've linked them below for you.
Good luck!
I'll take your details point-by-point and explain how they are related to your tax situation:
- Resident of Alabama for 7 years
Irrelevant for federal tax purposes. You will have to file the federal form and then the Alabama tax form afterwards (if Alabama has a state income tax).
- Enrolled August-December of 2012 as a full time college student
How old are you? If you're under 24, you may be considered a dependent on your parents' tax return. Did you provide at least half of your own support? If so, they cannot claim you and you would file as a single individual, and nobody can claim you on their forms.
- Scholarship from university for ~$3500
Did you use this for school purposes, or outside of school? If for school purposes, it's not considered taxable income.
- Federal Direct Sub Loan ~$1500 (I have not started paying back yet)
The proceeds from this loan were used to pay for tuition, and can qualify you for education credits. Some credits (like the American Opportunity Credit) are refundable.
- Paid ~$300 out of pocket for school, not including a ~$700 laptop for school
Your school should have provided you with a 1098-T statement, although that is for informational purposes only. This statement can be used when claiming educational expenses (I'll attach a publication that explains them in my sources).
- Provided over 1/2 of my income, so will not be a dependent on my parent's income even though I
do live with them.
Well that answered my question from earlier. You are not considered a dependent on your parents' form then.
- Self-Employed, ~$8000 untaxed earnings
This is where it gets tricky. You will have to start with a Schedule C, then move on to Schedule SE to report Self-Employment Tax. Since your income was untaxed, you will have to pay the Self-Employment Tax, which covers your portion of Medicare and Social Security.
- No kids
- No spouse
Well good, one person makes it a bit easier to sign and file.
Good on you for taking the tough task of filling out your return, but I'll warn you it might get a little tough. However, you will save yourself the $200-300 on tax preparation fees that many places charge. What you should do first is start filling out Schedule C for your Self-Employment earnings, then move on to Schedule SE to figure out your Self-Employment Tax. After that, move on to Form 8863 to claim your education credits, and once all those forms are done, you can fill out Form 1040. All of these forms are available from the IRS.gov website, and I've linked them below for you.
Good luck!
I will being going to college in 2014, and I desperately need a new laptop. Any suggestions?
Sonya
I really want a laptop that can support most games on average settings as well as function well for a college student, however money is an issue. The the absolute max is $2,000, but I would prefer $1,500 or under. Thanks in advance!
Answer
1500? Definetley the HP Pavillion DV6, great laptop for gaming and anything else, or an Asus.
1500? Definetley the HP Pavillion DV6, great laptop for gaming and anything else, or an Asus.
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Title Post: How should I file my taxes as a student? Details are included?
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