<p>So I have been working for Work Study in Library. In the tax paper I had to fill before working, it was W 104 i think. I stated that I will claim "1" only me in the tax return. When I have to file the tax return ? (This is my 1st time working) Besides the tax return, is there any form else I have to file when I work ? Do I have to report the tax return for the Work Study in the next year FAFSA form ? Will they reduce my award when they see that I am paying tax and I am working ? How can I make sure that I will be qualified for Work Study in the next year ?
Thanks a lot guys.
Wayne.</p>
<p>Whether you have to actually file federal and/or state tax returns (which are due by April 15th) depends on how much you make…if this is your only job for 2011, it’s unlikely you’ll make enough to meet the threshold amount but you can still file to claim a refund of any income tax that has been witheld. You’ll receive a W-2 from your employer sometime around the end of January. Check the irs.gov website and the tax forms/website for your state to determine what your filing obligation is.</p>
<p>Federal work study is reported as income on FAFSA but you’ll also see a separate question that asks how much you earned from work study. FAFSA backs out work study income for the EFC calculation so that there is no penalty to the student.</p>