3 Fast Facts About Taxes

Ah, tax season. So, there's good news and bad news. The bad news is that, even if you're a student, you'll need to file your taxes for any jobs (including paid internships!) that you worked at in 2018. The good news is that you might be eligible for a tax refund (re: cold, hard cash) depending on your type and amount of income.

Here are a few basic facts you should know before you file.

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1. You can likely file for free online. Unless you have a unique tax situation, companies like Turbotax and H&R Block allow you to file your taxes for free online. Before you start, you should have your W2 (regular employee tax document) or 1099 (freelance or contractor employee tax document) handy. These forms will have all of the info you need to file, including how much money you made in 2018.

2. You might be eligible for tax breaks. While your status as a college student doesn't exempt you from filing your taxes, it can lead to tax breaks. If you paid tuition or loan interest in 2018, you can try to deduct it from your amount owed, if any. To determine your deductions, your school may have sent you a 1098-T form, or a summary of the amount you paid to attend school in 2018. Refer to this form when applying for student tax breaks.

3. Even if you don't owe money, you should still file. The IRS can charge you a late penalty for failing to file your taxes even if you don't owe money. Visit their website to check out their filing rules and restrictions.

For more information about taxes as they pertain to college students, visit the IRS's students page.

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