Extended Tax Deadline: A College Student’s Guide to Filing by October 15

If you filed an extension for your 2024 taxes, the final deadline of October 15 is right around the corner. Don’t let procrastination get in the way of a potential tax refund. Whether you’re working a campus job, freelancing, or building your brand as an influencer, here’s what you need to know to get your taxes done right and possibly boost your refund.

Key Takeaways:

• Even if you earned less than the filing requirement, you might get a refund if taxes were withheld from your pay — the average unclaimed refund is over $800.
• You could be eligible for valuable education credits, like the American Opportunity Tax Credit, to lower your taxes.
• If you’re a creator or have a side hustle, you’re considered self-employed and can deduct business-related expenses.

Should You File, Even If You Don’t “Have To?”

If you earned less than $14,600 in 2024, you might not be required to file a tax return. But here’s why you should consider it anyway: you could be missing out on a refund. If you had any taxes taken out of your paycheck, you might get that money back. The IRS reports over $1 billion in unclaimed refunds each year, with an average unclaimed refund of over $800, and a good chunk of that belongs to students like you.

Get Your Documents in Order

First things first: gather all your tax-related documents. This will make the filing process much smoother. Look for:

• W-2s from employers.
• 1099s for any freelance or contract work.
• Form 1098-T which reports tuition payments.
• Form 1098-E for any student loan interest you’ve paid.

Our tax document checklist can help make sure you have everything you need. Also, be sure you have your accurate Social Security number handy. You’ll need it to claim any deductions and credits you’re eligible for.

Don’t Miss Out on Education Credits

Paying for college expenses can lead to some significant tax benefits. You might qualify for education credits that can lower what you owe or even increase your refund:

• The American Opportunity Tax Credit could give you up to $2,500 for the first four years of college.
• The Lifetime Learning Credit could be worth up to $2,000, even if you’re only taking one class.
• You may be able to deduct up to $2,500 in student loan interest.

A quick note: a parent or guardian can claim these benefits for a dependent student, but you can’t both claim them. It’s a good idea to have a conversation to see what makes the most sense for your family’s situation.

For the Creators and Side Hustlers

If you’re earning money as an influencer, creator, or freelancer, you’re considered self-employed. You’ll need to report all your income, even if you don’t receive a Form 1099-NEC or 1099-K.

The upside? You can deduct expenses related to your business. This could include things like business-related travel, content creation tools, marketing costs, and a portion of your internet bill. If you’re new to self-employment, it can be helpful to see what other deductions you may be eligible for.

How to File and Get Your Refund Fast

When you’re balancing classes and a budget, the last thing you want is a complicated or expensive tax process. If you have a simple Form 1040 only (with no schedules except for Earned Income Tax Credit, Child Tax Credit, and student loan interest), you may be able to file your federal and state taxes for free with TurboTax Free Edition. Roughly 37% of tax filers are eligible.

No matter how you file, the quickest way to get your refund is to e-file and choose direct deposit. Most refunds show up in 21 days or less with this method.

What to Do If You Owe

Even if you think you’ll owe taxes, it’s important to file by the October 15 deadline. Filing late can result in a failure-to-file penalty of up to 5% of your unpaid taxes for each month you’re late. If you can’t pay the full amount right away, you can look into setting up an installment agreement with the IRS to pay over time.

For Those Affected by Natural Disasters

If you were in an area impacted by a federally declared natural disaster in 2024, you might have some extra time to file. In addition to IRS federal disaster relief, it’s worth checking for any state-specific deadline extensions that may apply to you.

Time is running out, but you’ve got this. TurboTax is here to help you get your taxes done with confidence.