Our 2024 Guide To Filing Taxes As A College Student
Entering college comes with all sorts of new responsibilities, but did you expect taxes to be one of them? Whether you’re still a dependent, working part-time, or receiving financial student aid, there are plenty of reasons why you or your parent (or guardian) need to file taxes accordingly. Maggi Tax is here to teach you everything you need to know about filing taxes as a college student so you don’t miss a thing!
Do I Need to File As a College Student? Here’s How It Works:
Not every college student needs to file taxes themselves, but there’s a good chance that you might have to do so under certain circumstances. What are those circumstances? Keep the following stipulations in mind to decide if you should file next tax season and what should be on your record:
- Single college students who make over a certain amount will need to file. For 2023, the limit was $13,850.
- Parents who file for their dependent college student may qualify for tax credits based on the cost of tuition and more.
- Any earned grants or scholarships may need to be included on your tax file.
If you’re a college student, can you still qualify as a dependent? This can get a little tricky, so check out our guide for a better idea of this topic.
Read it here > Are College-Aged Kids Still Considered Dependents?
College Students Can Qualify For Tax Benefits
As a college student, you may dread the idea of having to file taxes on top of keeping up with your studies. Look at it this way. There are tax benefits for higher education purposes, including tax credits and deductions for tuition programs and savings accounts. Even if you’re not filing yourself, your parent or guardian may still qualify to receive these credits on your behalf.
One type of savings account that we highly recommend you look into is the Florida 529 Plan which allows you to save up for college tax-free. The great thing about the 529 Plan is that you can continue to save even if you’re already attending classes. Before you think it’s too late to save for college, ask your trusted financial advisor about how to get started on a savings account and how it can still benefit you.
Tips During College to Help With Life After Graduation
Are you already making big plans for after graduation? That’s great! It’s always a good thing to have big ambitions with the future in mind. The next step is to make sure you’re on the right track for a better chance of success. One way to ensure a good life after graduation is to start a Roth IRA as soon as you can.
It’s normal for college students to have a part-time job between classes, and this serves as the perfect opportunity to start planning for your future. We recommend that working college students open a Roth IRA account as a tax-friendly way to save for retirement. That’s because Roth IRA contributions are flexible in the way you can contribute which makes it more convenient for students who are not yet full-time workers with steady income.
Learn more > What’s the Best Age to Open a Roth IRA?
Meanwhile, you can also manage your money by planning a budget, watching your expenses, and taking advantage of student discounts. You should find the time to meet with a financial advisor who can give you tips on managing finances for recent college grads to help you out after you graduate.
New to Taxes? Maggi Tax Offers Professional Assistance to Students!
At Maggi Tax, we gladly offer expert tax services for college students looking to secure their future by making the most of their financial situation. During your consultation, we’ll help you identify reachable goals and areas to work on to put you in control of your finances! Call (727) 799-1701 to schedule a time to visit.
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