Spring Break
Tax and aid advice could help confused students
Megan Lynch
Issue date: 1/21/09 Section: Commentary
As the beginning of the spring semester comes around, it brings along with it the dreaded financial aid applications and, of course, taxes. For some students this means nothing; it's Mom and Dad's job to worry about paying for school. But for other students, parents may not have the time or resources to help get the applications in on time. The FAFSA proves to be pretty self-explanatory on its own, but taxes are a whole other story. Since I have been responsible for my finances from the time that I got a job and got into college, I have always wished that I had something available for me to go to for help and advice.
This is where UConn could come in and hold some financial aid and tax tutorials during this time of the year.
The FAFSA has not proved to be too difficult to complete so far. The Web site is pretty helpful and the questions are self-explanatory up until all the talk about taxes. When faced with questions about net income and deductions, anyone could easily get confused. It is especially difficult when your parents have not completed their taxes yet and you are forced to estimate. There really is no shame involved in an 18-year-old student's having no clue where to start on estimating gross income for a family of five. If there were a place for students to go and ask for some direction it would alleviate the stress involved for students, and could avoid the sorts of mistakes that could result in losing aid.
Student Financial Aid Services Office is the first place I try calling with my questions, however many times I'm bounced back and forth between Financial Aid and the Bursar's Office with no answers - and I'm not alone. A team designed specifically for these questions would reduce the flood of confused students and calls to Student Financial Aid Services and the Bursar's Office.
Taxes are a whole new maze of terms and numbers to decipher, and the IRS really does not have much patience or a sense of humor. Tax auditors have very little sympathy for mistakes on a tax form - miscalculated amounts and wrongly placed answers equal tax fraud, not typos. While most of the time it's quite depressing for us as students to be so poor, when it comes to tax forms, having no money makes filing much easier than what people with full-time jobs have to deal with. Most students have no dependents, few deductions and meager amounts of taxes to claim. However, filing taxes still needs to be done, and properly. There are many things students need to know about their tax forms, including the obvious, like where to find one and how to fill it out. Also, W-2 forms are not really something you anxiously wait for in the mail at the end of January.
This is where UConn could come in and hold some financial aid and tax tutorials during this time of the year.
The FAFSA has not proved to be too difficult to complete so far. The Web site is pretty helpful and the questions are self-explanatory up until all the talk about taxes. When faced with questions about net income and deductions, anyone could easily get confused. It is especially difficult when your parents have not completed their taxes yet and you are forced to estimate. There really is no shame involved in an 18-year-old student's having no clue where to start on estimating gross income for a family of five. If there were a place for students to go and ask for some direction it would alleviate the stress involved for students, and could avoid the sorts of mistakes that could result in losing aid.
Student Financial Aid Services Office is the first place I try calling with my questions, however many times I'm bounced back and forth between Financial Aid and the Bursar's Office with no answers - and I'm not alone. A team designed specifically for these questions would reduce the flood of confused students and calls to Student Financial Aid Services and the Bursar's Office.
Taxes are a whole new maze of terms and numbers to decipher, and the IRS really does not have much patience or a sense of humor. Tax auditors have very little sympathy for mistakes on a tax form - miscalculated amounts and wrongly placed answers equal tax fraud, not typos. While most of the time it's quite depressing for us as students to be so poor, when it comes to tax forms, having no money makes filing much easier than what people with full-time jobs have to deal with. Most students have no dependents, few deductions and meager amounts of taxes to claim. However, filing taxes still needs to be done, and properly. There are many things students need to know about their tax forms, including the obvious, like where to find one and how to fill it out. Also, W-2 forms are not really something you anxiously wait for in the mail at the end of January.
Viewing Comments 1 - 1 of 1
Cary
posted 1/22/09 @ 12:10 PM EST
Megan, this is a great post. Thanks for sharing this info and I look forward to more tax advice for student.
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