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Fall Refunds are Here for College Students

 It’s my favorite time of the semester…REFUNDS! A few weeks after the semester begins all of your financial aid pays out and if there’s any left over you get a refund! You will know that your receiving a refund if there’s a negative balance on your account. It’s the one time in history where you actually want to see a negative balance!  Figure 1: This is a thumbnail of my latest YouTube video where I am in my office with a surprised look on my face.  This semester I paid $241 in fees and I received a $500 grant for individuals who work at community colleges. Oh yeah  did I mention I work at a community college too part time as a tutor? Anyhoo, since I had already paid off my student account I received the $500 as a refund. If you’ve been watching my YouTube videos or reading my blogs then you already know this money is going to debt.  Figure 2: This is a photo of three $100 bills and three $50 bills. With refunds posting to accounts daily you want to make sure that you are constantly c

Tax Tips for Students 1098-T

 



(This a photo of a mock 1098-T Tax Form used as a thumbnail for my YouTube video on Tax Tips for Students (1098-T.)


It’s tax time! By January 31, 2021, your W2 will be sent to you so that you can file your taxes. Of course, there are many tax deductions however, it is up to you to figure out which ones may be best. If you are a student, you should be receiving your 1098-T any day now to assist you in securing one of two tax breaks. In case you were wondering, a 1098-T is a form that reports how much you or your parents paid for tuition or other expenses.

You will only receive this form if you have paid at least $600 in expenses toward your education without including scholarships or any other assistance that did not come out of pocket. Your educational institution will provide this form to you by January 31, 2021. It is usually available in the section where you can make your tuition payments on your school’s website. That’s where I was able to find mine.

Once you have printed off your form and are ready to file your taxes your 1098-T form will assist you in obtaining one of two tax credits. The American Opportunity Tax Credit is for students in their first four years of college and is worth up to $2,500. The Lifetime Learning Credit is for students who are not in their first four years and you can claim up to 20% of $10,000 or $2,000. Remember, you cannot claim both! For more information on your 1098-T check out the video below.

 

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