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Tax FAQ

I make $_____ per year, is that too low to file taxes?

For a single person under 65, you must file if you make more than $10,350. Even if you aren’t required to file taxes, you might want to anyway if you had income tax withheld from your paycheck, since you can likely get that money back. Click here for a more comprehensive chart.

 

When do I need to file my taxes?

 Taxes have to be filed by Tuesday, April 18 2017. The deadline changes a little bit every year, but generally falls in the middle of April.

 

How do I actually pay my taxes?                                                

If you do owe money to the government, you can either mail them a check or pay online. Most people pay their taxes all year long through withholding on their paycheck. When you file your taxes, you either get a refund (if you had too much withheld) or have to pay (if you didn’t have enough withheld). If you receive a refund, you can either have it direct deposited or have the government mail you a check.

 

How are my taxes calculated?   

Check here for explanation of how taxes work. It also has a few calculators so you can estimate how much you’ll owe, based on your income.

 

Do any tax credits apply to me?           

Student benefits are only available to those that cannot be claimed as a dependent by their parents or by anyone else. If you are not being claimed as a dependent, then the following can qualify as tax credits:

  • Tuition and fees
  • Books
  • Student Loan interest payments
  • Earned Income Credit (if you’re between the ages of 25-65)
  • Savings credits for money set aside for retirement

Click here for more information on tax credits.

 

Where can I go for help with my taxes?

Click here to check out VITA, UMBC’s free tax preparation service.