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Which IRS forms do students with part-time jobs need?

I recently got a part-time job while still in school and heard I'll need to do taxes. Can anyone explain which IRS forms I’ll need to handle taxes as a student with a part-time job?

4 months ago

As a student with a part-time job, you'll most likely need to be acquainted with a few IRS forms. The first one you should know about is the W-2. This form is sent by your employer - usually by the end of January each year - and reports your annual wages and the amount of taxes withheld from your paycheck.

Consider Form W-4 as well. When you start a new job, your employer will typically ask you to fill out a W-4 so they know how much tax to withhold from your paycheck. The more "allowances" you claim on this form, the less federal income tax your employer will withhold from your earnings.

Another form you might encounter is the 1040. If your income is above a certain level, you are required to file a federal income tax return. The 1040 form is what you'll use to do this. Depending on your income level and your financial situation, you might fill out one of the variations of this form, which include the 1040EZ and 1040A.

Finally, if you're a student, you'll also want to know about form 1098-T, which your school will provide if you've paid tuition fees. This form can qualify you for certain education tax credits or deductions, potentially reducing your tax bill.

Each form serves a unique purpose, and they all work together to help you report your income accurately and pay or receive the correct amount of taxes. For more information, you should check the IRS website or consult with a tax professional.

4 months ago

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