APRIL 10, 2025 | FEATURES | By Grace Bean
Taxes sound boring, intimidating, and something adults take high blood pressure pills for every April. But if you’re making money – campus jobs, NIL deals, internships or a TikTok side hustle – you may need to file a tax return.
Step 1: Do I Even Need to File?
If you made $14,600 or more in 2024 (and you’re under 65 and unmarried), congrats—you’re required to file a tax return.
Made less? Filing still might be worth it if your paycheck had taxes taken out. You could get that money back. Hello, free money towards that discounted IKON pass or Red Rocks concert tickets.
If you’re paid by your school (like as a research assistant or TA), you probably don’t pay Social Security or Medicare taxes (FICA). But that doesn’t mean you should skip filing!
Even if you earned less, filing might be beneficial to claim a refund for any taxes withheld from your paychecks.
Step 2: Are You a Dependent?
Clarify whether your parents or guardians will claim you as a dependent. Generally, if you’re a full-time student under the age of 24 and receive significant financial support from them, they can claim you. This affects the credits and deductions you can personally claim.
Step 3: Gather Necessary Documents
Collect your tax season starter pack:
- Form W-2: Shows what you earned and how much was withheld. (Get this from your job!)
- Form 1098-T: Sent by your school— this shows what you paid in tuition.
- Form 1098-E: If you’re paying off student loans, this shows how much interest you paid, which may be deductible.
- Also, make sure you’re tracking any scholarships, grants, or income (yes, that includes the Depop, Poshmark or TikTok side hustle)
Step 4: Snag Some Student Perks
As a student, you may be eligible for education credits that can reduce your tax liability. Tax benefits = free money, so make sure to check these out:
American Opportunity Tax Credit (AOTC): Offers up to $2,500 per eligible student for the first four years of higher education.
Lifetime Learning Credit (LLC): Provides up to $2,000 per tax return for qualified education expenses, with no limit on the number of years it can be claimed.
Note that if you’re claimed as a dependent, your eligibility for these credits may be affected.
Step 5: Choose a Filing Method
You’ve got options, and some are free, we love free.
- IRS Free File: If your income is under $84K, you can use free software through the IRS site.
- Free Fillable Forms: For the overachievers—these are basically DIY digital versions of the tax forms.
- Tax Software: H&R Block, TurboTax, and others offer student-friendly, free versions.
- VITA Program: IRS volunteers help you file—great if you’re overwhelmed or just don’t want to deal.
Step 6: File Your Taxes
Whichever method you use, double-check everything— especially your Social Security number and banking information for direct deposit.
Step 7: Keep Those Receipts AKA Your Tax Returns
Retain copies of your filed tax return and all supporting documents for at least three years. This is important for future reference and in case of an audit (the IRS asking to double check your work).
Tips before you serve this tax season:
Report all sources of income, including freelance or gig work, as failure to do so can result in penalties.
The IRS provides various resources to assist first-time filers, including detailed guides and customer support.
The deadline to file your 2024 tax return is April 15, 2025. If you need more time, you can file for an extension, which gives you until October 15, 2025, to submit your return.
You don’t need to be a finance bro to rule tax season.
Filing your return is a life skill, just stay organized, get your money up, and enjoy this spring after April 15!