advice for filing?

[SigurRos]

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I haven't filed my taxes before, but will be doing it this year in order to put the information down on the necessary forms for financial aid. Does anyone have any recommendations for this? I have zero experience with this whole process. I am expecting w2s from the 2 jobs I've held in 2007. Are other pieces of information necessary?

Once I have filed my taxes and my parents have filed their's, will I just need to transfer the information over to FAFSA in order to find out what my packages will be (i.e. like in undegrad).

 

[Doctor Bagel]

If you just worked, didn't sell any investments and don't need to itemize deductions, doing your taxes is super easy. You'll need those W2s and 1099s for any interest you might have earned -- if you have online accounts, you can find the 1099 there, but it's probably not prepared just yet. E-filing is the way to go, and try to avoid paying for any tax preparation services because you really don't need to.

And yeah, once that's done, you just transfer the info over to the FAFSA.

 

[TMP-SMX]

I'm not sure if Taxslayer also does your personal state taxes but it probably does. That's what I used last year and I will use it again to get my refund check. 🙂

You just need your W2s and your 1099 for bank accounts.

 

[1956Goldtop]

Sorry to hijack but:

When one is filing their taxes, is it an online form you fill out and submit to the IRS, or is there a paper form you fill out and mail in? I'm pretty confused on this whole process. What happens once you submit it?

I still haven't gotten my W2s yet, is there a set time when you get them usually?

 

[Crixivan]

Sorry to hijack but:

When one is filing their taxes, is it an online form you fill out and submit to the IRS, or is there a paper form you fill out and mail in? I'm pretty confused on this whole process. What happens once you submit it?

I still haven't gotten my W2s yet, is there a set time when you get them usually?

I believe that employers are required to send them out by January 31st.

You can get a booklet and tax forms at irs.gov if one doesn't automatically show up in your mailbox. You can mail the form to the address provided.

If you use an online program, you can have the service file it for you.

 

[1956Goldtop]

Sorry to keep asking questions, but the form I would file with the IRS (1040EZ? i think since I am a dependent and single), is that just my federal tax return? What about my state tax return?

 

[Doctor Bagel]

Sorry to keep asking questions, but the form I would file with the IRS (1040EZ? i think since I am a dependent and single), is that just my federal tax return? What about my state tax return?

Yeah, you have to file separately in your state if your state has an income tax. You can get that form from your state website, and there are options to file that electronically too.

 

[TMP-SMX]

Yeah, you have to file separately in your state if your state has an income tax. You can get that form from your state website, and there are options to file that electronically too.

Taxslayer does both. I've verified it. Free Fed/State.

 

[Beau Geste]

Since this thread is about taxes....

I will be using financial aid for the first time ever starting this fall. I was lucky enough to pay my way through undergrad and my MS degree but med school is obviously a different ball of wax.

Anyway, when I file my 2008 taxes, the only "income" I'll have are student loans - are they considered taxable income on the 1040 or no? I am assuming no since they're LOANS but you never know.

thanks!

 

[Doctor Bagel]

Anyway, when I file my 2008 taxes, the only "income" I'll have are student loans - are they considered taxable income on the 1040 or no? I am assuming no since they're LOANS but you never know.

thanks!

Nope, loans aren't counted as income for taxes. 🙂 Some stipends are, though, but they'll let you know.

 

[Beau Geste]

Nope, loans aren't counted as income for taxes. 🙂 Some stipends are, though, but they'll let you know.

Thank Goodness!