Navigating your online tax filing for income taxes for the first time as a college student will likely feel overwhelming, especially if you try to do it all by hand. Getting tax software can make it far easier to learn the ins and outs of filing taxes at this point in your life. You will need to understand your dependency status and gather all of the necessary documents. Tax software can centralize how you store important information. It should also keep you organized so that you do not need to submit many or any corrections.
The IRS has found that paper returns have a 21% error rate versus the less than 1% error rate for e-filed returns.
Tax filing software like Advanced Micro Solutions’ 1099-etc E-Filer will help first-time filers, even if your income falls below the filing threshold. Our e-file options include E-File Direct (add-on) or E-File Services.
How Does Income Tax Online Tax Filing Work for Students?
Students with incomes below the filing threshold can still benefit from filing a tax return. You may find that you can receive refunds on withheld taxes or claim useful education credits. Next steps that you should take are:
Determining Your Dependency Status
Figuring out your status is important to know which credits you are eligible to receive. Parents can claim their child as a qualifying dependent if they are:
- A full-time student under the age of 24
- Providing more than half of their child’s financial support
Independent filers must show that they meet different standards, including:
- Providing more than half of their own financial support
- Eligibility to claim their own credits and deductions
Consult with your family before getting software that helps with online tax filing for income taxes. Your family can determine the best approach and which status yields the most benefits.
Collecting All of Your Documents
Gathering your financial paperwork sooner rather than later can help you to avoid scrambling at the last minute or missing files. Forms that you should securely store using software include:
- W-2 (for employee wages)
- 1098-T (issued by your school to claim education credits)
- 1098-E (sent by your loan servicer if you paid $600 or more in student loan interest)
- 1099 (for freelance or gig work, or investment income)
The best tax filing software takes some of the burden off the filer when it comes to generating forms and then submitting the documents to the Internal Revenue Service.
AMS E-Filing for Beginners
There is no reason for you to spend more time than you need to while handling your online tax filing for income taxes. Download our free 1099-etc Demo software to determine if you want to use our add-on module or our software with a third-party vendor.
E-File Direct
- Flat fee
- Unlimited number of form filings
- Users can verify, view, and print files
E-File Services
- Volume pricing (fee per form)
- Forms are e-filed through a third-party vendor
- Different service levels available