For a college student client, the tax preparer will typically need a combination of personal documents, income statements, education-related forms, and potentially deductions or credit information. Here’s a checklist of documents a college student should gather:
Personal Information:
•Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
•Bank account information (for direct deposit of refunds)
•Driver’s license or state ID (may be required for e-filing)
Income Documents:
•W-2 forms: From any job(s) held during the tax year
•1099 forms: If the student worked as an independent contractor (1099-NEC, 1099-MISC, 1099-K)
•Scholarship or fellowship information: Any taxable portions of scholarships or fellowships
•Investment or savings interest (1099-INT): From savings accounts or investments
•1099-DIV forms: If the student received dividends from investments
•1098-T: Tuition statement from the college (shows education expenses that may qualify for education tax credits)
•1099-Q: If distributions were taken from a 529 plan or a Coverdell Education Savings Account (ESA)
Education-related Documents:
•Receipts for textbooks, supplies, and equipment: Required by some courses of study (for deductions or credits)
•Student loan interest statement (1098-E): If the student or parents paid interest on student loans
•Room and board expenses: If relevant for scholarship income reporting or education savings plan use
Deductions and Credits:
•Details of any tuition, fees, and related expenses: These can help in determining eligibility for credits like the American Opportunity Credit or the Lifetime Learning Credit
•Form 8863: Education credits, if available from previous filings
•Receipts for charitable donations, if applicable
Parental Information:
•Parents’ tax return (if the student is still a dependent and parents claim them)
•Details about dependency status: Whether the student is claimed as a dependent by parents or not
Having these documents will ensure the tax preparer can accurately assess the student’s financial situation and apply any available deductions or credits.
