Tools and Information helpful for US students in filing their taxes
W-4 Calculator This guide explains the federal income tax laws of particular interest to high school and college students. It will help you decide if income you are receiving (such as wages, tips, interest, or a scholarship or fellowship) is taxable. It will also help you decide if you should have tax taken out of your pay and if you should file an income tax return. Educational Expenses (Publication 508) This publication discusses work-related educational expenses that you may be able to deduct as business expenses and the exclusion from income of employer-provided educational assistance benefits. Scholarships & Fellowships (Publication 520) This publication covers the rules for scholarships, fellowships, and tuition reductions. In addition, it discusses the estimated tax rules and some of the special rules that apply to U.S. citizens and resident aliens who are studying, teaching, or researching abroad under scholarships and fellowships. Questions and Answers on the Hope Scholarship Credit and Lifetime Learning Credit (Notice 97-60) Questions and Answers on the Hope Scholarship Credit and Lifetime Learning Credit, a deduction for student loan interest, and creating Education Individual Retirement Accounts are contained in Notice 97-60 -Administrative, Procedural, and Miscellaneous Education Tax Incentives. Exemptions, Standard Deductions and Filing Information (Publication 501) This publication discusses some tax rules that affect every person who may have to file a federal income tax return. It answers some basic questions: who must file; who should file; what filing status to use; how many exemptions to claim; and the amount of the standard deduction. IRS e-file Partnerships By linking directly to their web sites, the IRS has partnered with various private industry companies to bring taxpayers affordable, convenient, user friendly electronic filing (e-file) options available from home. Some partners offer FREE tax preparation and e-file services for qualifying taxpayers! IRS e-file using a Personal Computer Discover how you can use your personal computer, tax preparation software and a modem to prepare and electronically file your tax return information from home! Visit one of our on-line filing company web sites. TeleFile TeleFile is an interactive computer program that allows qualified taxpayers to file a simple Federal tax return (Form 1040EZ) with the IRS using the TeleFile TOLL-FREE number and a touch-tone telephone. Using TeleFile takes about 10 minutes but is only available to those who received a TeleFile Tax Package. IRS e-file Using a Tax Professional Tax professionals who are accepted into the IRS e-file (electronic filing) program and transmit tax return information to IRS are called "Authorized IRS e-file Providers." Look for the "Authorized IRS e-file Provider" sign in store-front windows. IRS Tax Forms and Publications - Some downloadables and Fill-ins with Questions & Answers Contains downloadable forms, fill-in forms, publications and questions and answers for tax returns. |