Filing Frenzy: Tax Questions and Free or Low-Cost Community and Campus Resources for Tax Prep
April 18th (normally the 15th, but the deadline shifted for celebration of Emancipation Day) is Tax Day! For those who have dependents attending UA or those who care about a student who may be filing their taxes for the first time on their own or the first time since enrolling in college, this can be a daunting deadline. Questions about how financial aid and scholarships can impact your taxes, if your dependent has a job and needs to file what happens, and many others may be new and can be overwhelming.
Quick Tips:
If you or a student you support receives any federal financial aid it is incredibly important to make sure taxes (and FAFSA) are filed on time to ensure potential future funding.
Financial Aid and Scholarships are likely to impact your tax returns – especially if you are a UA employee using QTR (qualified tuition reduction). Some basics for this can be found on the UA Financial Services Website HERE.
In general, one does not need to file taxes if their income is less than the standard deduction. However, for many student employees it is a good idea to file your taxes as those who make less than the standard deduction and have withholdings taken out of their paycheck (all UA employees have withholdings) may be eligible for a refund. Even if the student is a dependent, they can still file taxes for their job, but the one claiming them may also want to have the student’s info on hand.
Truthfully, no matter how many years one has been paying and filing taxes, every year is a little different. The IRS may change things, employment, dependents, location, or marital status may have changed, and honestly there are a lot of minute details and moving parts that can make the process a challenge. Fortunately, there is a variety of resources available to support you and your students.
Resources:
International students can find many resources for assistance with filing their taxes HERE.
If you are in Tucson and earn less than 73k annually, you may consider using Volunteer Income Tax Assistance (VITA) Services in person or other resources available online. United Way of Tucson has information on VITA and other resources.
If you are sure you know what you need to do and just need to make sure your numbers are all correct, you can find the Free File Fillable Forms on the IRS website.
Finally, UA Thrive Center Financial Wellness is available for students to discuss expectations, explain procedures, etc. when it comes to taxes. While the Peer Educators are unable to fill out tax forms with students, they can provide resources and point them in the right direction! The financial Wellness team works year-round to offer workshops and one-on-one office hours to help students navigate and understand everything from budgeting to loans and debt to income ratios. Financial Wellness even helped provide resources and information for this article!
Taxes are rarely on the top of anyone’s list of preferred activities, but there is support and, as always, we are here to help.
Is there a topic you want to learn more about? Let Wayfinders know using our online form!
LINKS:
International Student Resources