Tax season hits students

With freedom comes responsibility, and with capitalism come taxes. Most students come into college having never filed taxes themselves. Some students are able to put it off longer than others. But eventually, everyone either learns or finds a great accountant.\nThe goal is to not pay any more than one has to and to get back as large of a return as possible. Making mistakes on tax forms can become costly. For students who want to take extra precautions, or who are clueless on where to begin, the Monroe County Public Library offers tax services. \nFrom Feb. 1 through April 15 each year, the library's branches on Kirkwood Avenue as well as in Ellettsville have volunteers from the American Association of Retired Persons who help taxpayers with middle- and low-incomes fill out basic tax forms.\n"We have lots of students come in and many have never done a tax form before," said Mary Bent, a volunteer in the program. "International students especially seek help because they have to fill out different forms." \nThe Volunteer Tax Help is a cooperative effort by the AARP and the Volunteer Income Tax Assistance, under a grant from the Internal Revenue Service. The effort pays special attention to senior citizens, but the service at the Kirkwood Avenue branch is open to all on a first-come, first-serve basis. \nThe service only requires that taxpayers bring along copies of all income statements such as W-2 forms, their previous year's tax return, a Social Security card or individual tax identification card and valid picture identification.\nStudents who work on campus can opt to manage their W-2 forms online as well. IU's Financial Management Services has a Web site where IU employees can go to receive their W-2s and tax statements. The move to online was made earlier this school year, once the IRS had approved it. To take this option, employees must log into OneStart and register by clicking on the "Electronic W-2" link under the "My Finances" tab. More information about registering to receive W-2 forms electronically can be found at www.fms.indiana.edu/tax/w2/w2express.asp.\nSenior Peter Cheun said he has been filing his own tax forms since he started working his first part-time job at 16. \n"It was a 1040EZ, so it wasn't rocket science, but it was my first time so I just wanted to make sure I was doing it right," Cheun said.\nThe 1040EZ is the shortest and simplest tax form, which also means the least hassle. But looking into more complicated forms can be worthwhile -- some offer more opportunities to write off expenses. \n"I always recommend using Form 1040 because it is comprehensive regarding deductions and credits, some of which are not included in Form 1040A," said Jerrold Stern, an accounting professor at the Kelley School of Business. "Moreover, completing Form 1040 is only slightly more difficult than Form 1040A."\n-- Contact Staff Writer Kye Lee at kyelee@indiana.edu.