Some common documents international students or scholars will need or receive are listed here. Depending on your personal situation, you may receive other documents not listed below. The Sprintax software available through OISS is specifically for filing federal taxes for those who are “non-residents for tax purposes”. Some international students or scholars may be considered “residents for tax purposes”. Additionally, you can’t claim either federal tax credit for expenses you paid with a 529 account.

Multi-state filers often have to pay for two or more state returns. Additionally, keeping your money rather than allowing the IRS to hold on to it for a few months gives you the opportunity to put it in a savings account or invest it so it can be making money for you. And, while it’s tempting to splurge on something when you get a refund, Williams recommends “using to finance your actual financial goals,” such as paying off credit card debt and building your emergency fund. Keep in mind that you are responsible for reporting all sources of income, including money you made from part-time jobs, side hustles, and investments. Keep a cushion of money so you can afford to pay your taxes, even if you owe more than you initially expected. “With the right planning, support, and education it doesn’t have to be as scary as you might think,” said Nia Gillett, a paraplanner at Gen Y Planning, a financial planning firm for millennials.

How to File

Instead, we have purchased a limited number of Sprintax access codes to assist students and scholars in filing their federal taxes. Sprintax is a software program and resource specifically for NON-Residents for tax purposes who have earned U.S. sourced income in 2022. U.S. sourced income refers to any money you received from a U.S. source, including wages, stipends, ttps://turbo-tax.org/ fellowships, scholarships and investment income. Sprintax will help you to determine if you are a non-resident for tax purposes and if you are, you will be able to use the BC provided access code to use the program for your Federal taxes. Their website also provides instructional videos, blogs, webinars and the ability to chat with a qualified agent 24 hours a day .

Without clarity on what it supports or doesn’t support for state returns, we can’t recommend it this year. In general, the AOTC is the most significant way to save on taxes as a college student pursuing a four-year degree. This credit acts as a tuition tax credit; while it does not get paid in advance, you can claim it on your taxes.

When can I start filing taxes for 2023?

The technical definition of what the government views as a full-time student can be broad. For example, the IRS considers a child under the age of 19 or an adult child under the age of 24 who is attending an education program for at least five months per calendar year as a full-time student. Also, many grants and scholarships, especially full-ride scholarships, require students to be full-time to be considered. Even tuition reimbursement from employers may stipulate that the employee be enrolled full-time to be eligible. Here are some other ways to file your taxes that are not free but pretty budget-friendly.

FAME has resources to help you serve your students and their families. Wirecutter is the product recommendation service from The New York Times. Our journalists combine independent research with over-the-top testing so you can make quick and confident buying decisions. Whether it’s finding great products or discovering helpful advice, we’ll help you get it right . Note that the IRS will never call or email you demanding payment or access to your account. (The IRS will almost never email you at all, in fact, so do not click any link in an email that appears to be from the IRS.) Do not give out passwords or other details over the phone.

Education Tax Benefits

We will then generate the correct forms for you in order to claim the education credit or deduction with your return. Because the Tuition and Fees Deduction is no longer available for 2021 and 2022 Returns, the Lifetime Learning Credit income limitations have received an increased value. For Tax Year 2022, the limit on modified adjusted gross income is $180,000 if married filing jointly and $90,000 if single, head of household, or qualifying widow. This means you can not claim the credit if your MAGI is over $90,000 ($180,000 for married filing jointly). Use the eFile.com STATucator tool to determine your status by answering a few simple questions.

For more tips on how to keep important documents in order, read our guide on how to organize your digital files. Besides having an outdated interface, FileYourTaxes.com charges $45 to file a printed federal return, even if you have a simple return. TurboTax’s flow made the most sense, and it had the fewest errors, very rarely dumping us back to a top-level menu when we clicked the Back button and never trapping us in endless loops due to missing information . In our tests, most other tax apps had runs of five or more similar questions asked in succession, or they had very long lists of dozens of irrelevant deductions or topics to click.

It is any college, university, trade school, or other post secondary educational institution eligible to participate in a student aid program run by the U.S. This includes most accredited public, nonprofit and privately-owned–for-profit postsecondary institutions. If you are not sure if your school qualifies, you can ask or see if your school is listed here. Educational institutions must send Form 1098-T to any students who paid qualifying educational expenses during the year.

• When we were able to enter our data, we often had to click through multiple screens or enter a page’s worth of data on separate screens, compared with a single screen in most other apps.
• Sprintax will complete and generate the forms you need to print, sign, and mail to the Internal Revenue Service.
• If an individual falls below those income requirements, they are not required to file a federal tax return.
• Along with reporting your income, don’t forget your expenses directly related to your NIL activities can be deducted from your NIL income, which will lower your taxes.
• Student loan awards are often based on the cost of attendance and the maximum amount available for the loan program.

Use your @nyu.edu email address to get a special discounted rate. Stern and Law School students must use their @nyu.edu email address for the discounted rate as the system will not recognize your @stern.nyu.edu or @law.nyu.edu turbotax college student email address. Academics Our world-class students, faculty, and scholars expect high achievement in pursuit of engaging the world’s diverse challenges. Federal and NY State taxes are withheld and reported by UB.