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If you’ve got a job and earned income this year, there’s a good chance you’ll need to file a tax return. Don’t panic. Filing taxes sounds complicated, but it’s actually pretty straightforward, especially when you understand the basics and your situation is simple.
The first thing to know is that filing a tax return means reporting how much money you earned to the government. It also helps figure out if you paid too much in taxes and are owed a refund, or if you still owe a little more. Either way, it’s better to handle it than ignore it. The IRS doesn’t forget.
So, do you even need to file? That depends on how much you made. For 2023, if you earned more than $13,850 from a job, you’re required to file a return. But even if you earned less, you might want to file anyway, because you could get money back. If your paycheck had federal taxes taken out, you might qualify for a refund, and the only way to get it is by filing.
Here’s what you’ll need to get started:
- A W-2 form from your employer. This shows how much you earned and how much tax was withheld.
- A Social Security number, since the IRS needs to know who you are.
- Basic personal info, like your full name, address, and whether someone else (like a parent) claims you as a dependent.
There are a few ways to file. You can use free online software like IRS Free File or other services like TurboTax and H&R Block, which walk you through each step with questions and explanations. If you’re under 18, you might need a parent or guardian to help set up the account, but the process itself is teen-friendly. And again, if your situation is basic, filing is usually free.
If you earned income through something like freelance work or a side hustle, you might need a different form, like a 1099. This kind of income doesn’t usually have taxes taken out up front, so you could owe some money when you file. That’s why it’s smart to set aside a percentage of what you earn throughout the year if you’re not working a traditional job.
One common mistake teens make is forgetting that they might be listed as dependents on their parents’ tax return. That’s totally normal and doesn’t stop you from filing your own. But on your return, you’ll need to check the box that says someone else can claim you.
And yes, your refund might take a few weeks, but getting that direct deposit back into your account feels great. You worked hard for that money, don’t leave it behind.
Filing taxes is part of adulting, but it doesn’t have to be overwhelming. Learn the basics, gather your forms, and give it a try. Even better, once you’ve done it once, it gets easier every year. And knowing how to file your own taxes is a skill that’ll serve you long after high school.
More soon,
Gavin @ Alpha Kids Finance
