What mistakes do college students make when filing?

Many consumers may have difficulties in preparing their annual tax filings every year, and that's the case for people who have been doing this for decades. When it comes to people who might be relatively new to the process, mistakes may be even more common, and as such it might be wise to brush up on some of the issues that arise for young people most often at tax time.

This may be the case for college students in particular, because they might be in a position in which they have to file on their own for the first time, according to a report from Benzinga. One of the most important things to keep in mind that for those being claimed as dependents, they don't have to file at all if their pay for the entirety of 2013 was less than $6,100. However, it might still be wise to file anyway because it could entitle these young people to some funds that were withheld from them over the course of the year.

However, those who are still filing will need to keep certain things in mind, like the importance of claiming the correct status as a dependent, the report said. If a young person's parents still claim them as a dependent, they should not do so themselves, as this might create problems for all parties as far as the IRS is concerned. There are also a number of rules to keep in mind about the ways in which they can be claimed by their parents depending on whether those two people are married or divorced.

Are there any deductions to claim?
Of course, young people should also try to keep in mind that if they're in college, they may be able to claim significant deductions associated with paying for their educations, the report said. Millennials covering their own tuition expenses or other associated fees may be able to claim these on their tax filings, but will have a few different options from which they can choose, and they should do so carefully to make sure they're getting the maximum savings.

For this reason, it's probably wise for Americans, no matter how much experience they have with these filings, to consult with a tax professional to make sure the process goes as smoothly as possible and ensures they receive as much benefit as they can.

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