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What are the Best Tips for Filing a Student Tax Return?

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  • Written By: K. Gierok
  • Edited By: John Allen
  • Last Modified Date: 21 January 2020
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Filing a student tax return can be a difficult process. For best results, students should start by compiling all sources of taxable income. In addition, submitting all necessary tuition information and attending classes designed to aid students with the tax return process may greatly decrease the difficulty of this process. Those who need additional help may want to consult with a tax preparer. Though there is often a small fee for this service, the peace of mind associated with evoking the aid of a professional is consider by many to be worth the cost.

When it comes to filing a student tax return, individuals should start by compiling as many sources of taxable income as possible. Typically, sources of taxable income for students include not only income received from employers, but also that received through scholarships, work study programs, and so on. Often, students who plan to file a tax return are encouraged to consult with the business office at their school in order to make sure that they are not accidentally excluding a potential source of taxable income.

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When filling out a student tax return, individuals should submit tuition information. In most cases, students are required to fill out a specific tax form related to the amount of tuition paid, known as Form 1098-T. Information related to textbook, parking permit, and commuter costs may also be important. Clearly stating the total amount paid in the previous year for education can dramatically affect the total amount of the student tax return.

In some cases, students may be able to attend classes designed specifically for those who plan to submit student tax returns. Students are encouraged to consult with school administrators to find more information about these potential classes. In most cases, these classes are offered at a low or reduced rate for current students.

Students should allow for plenty of time when completing all necessary requirements for a tax return. Those who have an especially complicated return may want to seek assistance from a tax preparer that has experience working with students. Though there may be a small fee for this service, students can typically rest assured that the tax return has been filed correctly. In most cases, this piece of mind is worth the cost. Occasionally, students may be able to use student aid or other forms of reimbursement to cover the costs associated with seeking assistance from a professional tax preparer.

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