there are several tax benefits for college students, including: 1) American Opportunity Credit, 2) Lifetime Learning Credit, 3) Deduction for tuition and fees, 4) Deduction for student loan interest
A tax return must have a non-zero amount for total income, adjusted gross income, tax owed, tax credits, total tax, or total payments. If those fields are all zeros, the return cannot be e-filed.
In this part, we’ll talk more about the mechanics of filing your tax return. This includes things such as choosing a filing status and deciding which form to use.
This happened a number of years ago, in the early days of my business, and it was the first time I had to deal with a situation that kept me up at night. But after much research and discussion with other tax pros, I felt comfortable with the way we reported the loss.
This is an excerpt from a presentation I give to college students about the basics of income taxes. The presentation and this series of blog posts are geared toward college students and their typical tax situations.