Students' Income Tax Forms???

Paying for College
1

<p>Reading the checklist for financial aid things that need to be sent in, I read that I need to send in my most recent Income Tax form (or something of that nature). I do have two jobs, but one is private tutoring and the other is event coordinating for my school. I don't think I've ever filed an Income Tax form...is this illegal? If so, will it hurt my chances of getting in?</p>

2

<p>If you made over $400 from your own business (that is, you got paid but not by an employer --- you did any kind of work where you got paid directly) then you need to file in order to pay your social security tax.</p>

<p>If your unearned income was over $800 (that is, from things like interest) you need to file.</p>

<p>If your earned income was over $4,850 you must file. Or your gross income was more than the larger of:<br>
• $800, or<br>
• Your earned income (up to $4,600) plus $250. </p>

<p>This is assuming you are unmarried and dependent on your parents.</p>

<p>See IRS pub 17.</p>

<p>Yes, it is illegal not to file. But you can file any time, even years late. You will have to pay any back taxes owed and any penalties for failure to file and interest.</p>

<p>If you made above the amounts above, you should talk to someone who knows about taxes - like if your parents have an accountant.</p>

3

<p>oh. Dear.
yes I imagine that if you are putting your jobs down on your college applications, but don't have an income tax form to show that you paid tax on your income, that it will hurt .</p>

<p><a href="http://www.irs.gov/individuals/students/%5B/url%5D"&gt;http://www.irs.gov/individuals/students/&lt;/a&gt;&lt;/p>

4

<p>If in doubt, file. Over the years that my kids were dependents and had income, I filed tax returns for them even though they came out to no tax owed. These returns tend to be trivially simple and might save a hassle later.</p>

5

<p>I talked to my Dad and apparently he has been filing my income taxes all along wtihout telling me! Too bad he didn't tell me sooner...apparently I don't owe anything, either, so I'm very happy now. Thanks for everyone's advice, I really appreciate it!</p>