How do I do taxes?

[theWUbear]

I'm doing the FAFSA for the first time. It asks for income information from the 1040 form. The 1040EZ form, which I will be filling out, requires information from the W-2 form. I have never learned anything about all these forms.

Where do I start with this tax stuff??? 😕

Are there other forms I should be aware of?

Anyone have advice for learning about taxes?

I am an undergrad student with unsubsidized loans accruing interest, a part time job, and a savings account (just fyi, although yes, that is pretty standard).

Also, should my employer have already given me a W-2 for 2009?

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[Tatastrophy]

I'm doing the FAFSA for the first time. It asks for income information from the 1040 form. The 1040EZ form, which I will be filling out, requires information from the W-2 form. I have never learned anything about all these forms.

Where do I start with this tax stuff??? 😕

Are there other forms I should be aware of?

Anyone have advice for learning about taxes?

I am an undergrad student with unsubsidized loans accruing interest, a part time job, and a savings account (just fyi, although yes, that is pretty standard).

Also, should my employer have already given me a W-2 for 2009?

Most places don't send W2s out til mid January. I think you cannot file electronically until Jan 15th anyway. I do my taxes through H&R block so I don't really know much else lol

 

[searun]

I use TurboTax software. Just buy the 2010 edition - it will cost around $40 or so. The software will ask you the relevant questions and then will print out the forms that you need. It will enable you to file electronically. TurboTax will prepare your federal and state returns.

You should receive your W-2 form by the end of January, if not earlier. But the IRS requires employers to mail the W-2 form by the end of January.

Anyway, I am a huge fan of TurboTax. I buy my software at Costco but I believe that you can download it online and pay for it with a credit card.

 

[DrYoda]

On the subject of Turbotax, I belive if you fall under a certain income you can file with turbotax free federally and in some states. I don't know the details of it, but it's worth looking into if you didn't make much in 2009.

 

[samuraiR]

On the subject of Turbotax, I belive if you fall under a certain income you can file with turbotax free federally and in some states. I don't know the details of it, but it's worth looking into if you didn't make much in 2009.

yea I think its under 50ish k/year and its free... I did mine free last year. Federal only. State was $10.

 

[Everglide]

If your parents have an accountant do their taxes, they will probably do yours for cheap or free.

 

[insane]

You can do the 1040 EZ for free online and as the name suggests its really easy. Wait till your employer sends you a W2 then go online and fill out the 1040 EZ at the IRS website.

 

[TooMuchResearch]

On the subject of Turbotax, I belive if you fall under a certain income you can file with turbotax free federally and in some states. I don't know the details of it, but it's worth looking into if you didn't make much in 2009.

I always use Turbotax and get free federal and state returns. States don't necessarily advertise their free return programs that well, though. I usually use the Google to search my state plus free state tax return or something like that, and I eventually find it on some state government website (which I forget to bookmark every year).

 

[ElegantWeapon]

What if our only income is from music gigs (jazz musician) that basically pay off the books, and research stipends from the summer? Do we get W-2 also?

 

[BlueElmo]

My parents pay an accountant to do all the taxes. So hassel free for us.

 

[Dr McSexy]

As others have mentioned, turbotax will do it for free online (Federal at least, state most likely not).

At this stage in your life, it's likely the only form you need to worry about is a W2. Filing federal taxes takes all of 5 minutes.

What if our only income is from music gigs (jazz musician) that basically pay off the books, and research stipends from the summer? Do we get W-2 also?

It's most likely that for your musician efforts, you'd have to do self-employed tax filing. While you are supposed to report any and all income to the government, I doubt the government is going to hunt you down if you didn't report it. As far as the research stipend, I would think it would depend on the way it's awarded. If it's a set-up like work-study, where you work hours and get paid a wage out of the stipend, then you should get a W-2. Otherwise, it'll probably be reported on a like a 1098 Form. Usually the university should have those tax documents for you if you need them.

Or maybe not to all of this. I'm not an accountant. And probably no one else on this site is.

 

[NickNaylor]

You should try and use the traditional tax booklet this year and then use a program next year so that its convenience can be truly appreciated.

 

[alexlex143]

I'm doing the FAFSA for the first time. It asks for income information from the 1040 form. The 1040EZ form, which I will be filling out, requires information from the W-2 form. I have never learned anything about all these forms.

Where do I start with this tax stuff??? 😕

Are there other forms I should be aware of?

Anyone have advice for learning about taxes?

I am an undergrad student with unsubsidized loans accruing interest, a part time job, and a savings account (just fyi, although yes, that is pretty standard).

Also, should my employer have already given me a W-2 for 2009?

For the fafsa, you just have to fill in estimates. There's an option that asks if you've filed your income taxes for this year. You should answer "will file." After you have actually filed your taxes, before April 15 I hope, then you go back and edit the information with the appropriate documentation and change the "will file" to "have filed." You need your parents' information as well as your own, unless you are considered independent by their standards. If you've filled it out before, make sure you have both a parent's and your own PIN number or you won't be able to submit it. That's pretty much it.

I think everyone has provided very solid advice as far as taxes are concerned. I use freetaxusa.com. You only pay like $10 or something to have your taxes filed and I haven't had any problems with it thus far. I've never used turbotax, so I wouldn't know anything about that. You just need your w-2 and you should be set.

 

[mvenus929]

Wait until you get your W-2 to fill out FAFSA. The priority deadline is usually around March 1, and you should get your W-2 by the beginning of February, so you'll have plenty of time to fill out the FAFSA. I find it annoying to go back and change numbers if the estimates aren't right, but that's just me.

This is the first year I'll do the FAFSA based on my data. My mom has helped fill it out in the past because I've been a dependent, and it takes her forever to get her stuff together to fill it all out. I want to be done with it and my taxes by the end of February at the latest.

 

[bambi girl]

For the fafsa, you just have to fill in estimates. There's an option that asks if you've filed your income taxes for this year. You should answer "will file." After you have actually filed your taxes, before April 15 I hope, then you go back and edit the information with the appropriate documentation and change the "will file" to "have filed." You need your parents' information as well as your own, unless you are considered independent by their standards. If you've filled it out before, make sure you have both a parent's and your own PIN number or you won't be able to submit it. That's pretty much it.

I think everyone has provided very solid advice as far as taxes are concerned. I use freetaxusa.com. You only pay like $10 or something to have your taxes filed and I haven't had any problems with it thus far. I've never used turbotax, so I wouldn't know anything about that. You just need your w-2 and you should be set.

Could anybody tell me where we get this PIN number that we need to enter at the beginning?

 

[mvenus929]

Could anybody tell me where we get this PIN number that we need to enter at the beginning?

If you've filled out the FAFSA before, it's the same PIN from previous years. If not, you have to apply for it. There should be a link on the front page of the FAFSA website.

 

[starl3tte]

this is what dads are for

also: flat tires