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Source: money.usnews.com - Oct 26, 2018

Filing taxes as a college student comes with a unique set of challenges. And determining whether and how to file taxes requires taking note of your previous year's employment, wages, tax withholding and parents' tax strategies. You may want to use the upcoming Thanksgiving holiday or winter break from school as opportunities to bring up a few tax questions with Mom and Dad.

Here's what college students should know about filing taxes.

Like the answer to any tax question, it depends. Students who earned an income of less than $12,000, which is the standard deduction, aren't required to file a tax return. But they may still want to file if they had income taxes withheld on their paychecks. That's because if they don't submit a tax return, they may end up forfeiting money owed to them by Uncle Sam if they had too much withheld, for example.

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Category: General Business

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