Students consider tax return options

Photo+Illustration+by+Ned+Mulka%0A

Photo Illustration by Ned Mulka

By Kelly Gibbs

While some families have an accountant to handle all of their tax returns, students responsible for filing their own can obtain materials and assistance to file a tax return in the campus area.

Anyone who has earned any amount of money in the U.S., whether from an assistantship, taxable fellowships or scholarships, must file a tax return. This also includes international students. People on student visas for less than a full five years are considered non-residents for tax purposes.

“This year my parents’ accountant handled my tax return,” said Brian Eckstein, senior in LAS. “It’s nice having one less thing to worry about.”

Another option is to file a tax return online. Commercial tax filing systems might require a fee to generate each tax return.

“I use Turbo Tax every year because it’s quick and easy and the fee is reasonable,” said Mark Metzger, senior in FAA. “I’m single with no dependents and no deductibles, so Turbo Tax seems the way to go for right now.”

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According to the International Student and Scholar Services Web site, keeping complete records of financial transactions, including a copy of any income forms submitted to the IRS, is important. Without good records, completing income tax returns can be difficult.

After Jan. 1 of each year, employers send W-2 forms indicating the amount of federal and state income tax that has been withheld from paychecks during the previous year. April 15 is the deadline for filing a return on income earned during 2008. Claiming a refund is possible if the amount of taxes withheld exceeds the amount of owed taxes. If the amount withheld is less than the tax due, it is required to file and pay the government the additional tax.

“File early so you can take them to somebody to look for mistakes, like a parent or professional,” said Government Documents Library specialist Paula Reveal.

A failure to file taxes may result in a financial loss or even legal ramifications.

“I have not yet filed my tax return for this year,” said Maura Farrell, sophomore in Business. “My family’s accountant discusses what we need to do for the year and I plan to look over my tax reports when I go home so I am sure to get them in before the April 15 deadline.”

Federal tax forms can be downloaded from www.irs.gov, while state tax forms can be downloaded from www.iltax.com.

Free tax forms are also available at the Internal Revenue Service (IRS), 310 W. Church St., Champaign, and the public libraries in both Champaign and Urbana, or at the Government Documents Library, located in the Main Library on campus.

“We can help students find non-resident and state tax forms Monday though Friday, nine to five,” said Mary Mallory, the head government information librarian in the Government Documents Library .

Free tax preparation is available from Jan. 31 through April 15 at the Land of Lincoln Legal Assistance Foundation located at 302 N. First St. in Champaign. Hours of operation are Monday and Wednesday from 5:30 p.m. to 8 p.m. and Saturday from 9 a.m. to 3 p.m.