Check if you need to file a return by using the following link: (https://www.irs.gov/help/ita/do-i-need-to-file-a-tax-return)
1. If you’re an independent that earned less than $10,400, you don’t need to file a tax return
2. If you’re a dependent (Still live with your parents) that earned less than 6,350$ or $1,050 from dividends and interest, you don’t need to file a tax return
3. Gather all financial documents
Get your W2 from your employer, 1098T- from the school, 1099. (Just call the financial services department from either your school or work)
4. Calculate how much you made this year (gross income)
If your adjusted gross income was $66,000 or less, use the IRS free filling software (https://apps.irs.gov/app/freeFile/jsp/index.jsp)
5. Complete a 1040EZ form
Here is a quick link for instructions https://www.irs.gov/pub/irs-pdf/i1040ez.pdf
6. Complete 8863 form (The govt. is giving you money if you pay your taxes)
This is important if you’re paying any college tuition or fees or have a scholarship, have a wife who pays, or have parents who pay for college because you or parents can get credit. The credit applies for course material, tuition, and fees. You can receive refundable and/or nonrefundable credits. Learn more on what credits you get: https://www.irs.gov/pub/irs-pdf/i8863.pdf
7. Keep records for 3 years
It’s very important to make sure you keep your records for up to 3 years, because you can file for a tax return for up to 3 years.
Some more facts/tips:
• Student Loan Interest Deduction: If you made payments on your student loans, you can deduct up to $2,500 that you paid toward interest on your taxes.
• Tuition Fee Deduction: With the tuition fee deduction, you can deduct up to $4,000 in college tuition and other fees.
• If you are under 24 years old, a full-time student, unmarried with no children of your own and your parents provide you with financial support equal to or greater than half of your annual income, then they can claim you as their dependent, according to the IRS