By: Charlie Holder
FAYETTEVILLE, Ark. (UATV) – The IRS opened tax season for 2023 and students should begin working on their tax returns.
Filing a tax return is the only way that you can receive a refund. If your income is over $12,950 for the year of 2022, you have to file a tax return, if you make less than that, you still can. Employers are required to send you your W2 before the end of January.
Assistant professor at the Walton College of Business, Erin Henry, said that you need to find out if your parents have claimed you as a dependent.
“If you are claimed as a dependent it changes the rules for when you need to file or if you have to file, and it changes the deductions you can take or the amounts of those deductions. Then understanding who is paying for your bills and your education determines who can actually take deductions and credits related to things going on in college students lives.”
Even if your parents do claim you on their taxes and you meet the income minimum, you need to file your own tax return.
Henry said that even if you don’t meet that income minimum, but you have had taxes taken out of your paychecks, you might want to file anyways:
“The threshold is pretty low for determining filing and that’s because you won’t owe any taxes under that threshold, that’s why it exists. The only way to get your refund, is to file a tax return.”