Taxes 101
I summered at a BB and will be joining one full time next year. As ignorant as I might sound, could someone fill me in, step-by-step, on what I need to do with regards to my federal tax returns? As ironic as this might sound, while I understand the accounting aspects of tax policy, I am pretty clueless when it comes to personal finance.
Do I just pick up a copy of turbo tax? Which forms do I need to fill out? (etc)
Any and all help would be greatly appreciated it.
Fill out the 1040 http://www.irs.gov/pub/irs-pdf/f1040.pdf yourself. Assuming no capital gains, it wont be complex. Have all your forms handy (w-2,1098t, etc)and follow the instructions carefully.
As far as deductions-- standard this year is $5150. Itemize expenses (medical, charitable, interest, miscellaneous) if they exceed the standard deduction.
Also, check out if there any places in your area that prepare free tax returns. Around this time of year programs pop up to help out those who make less than a certain income (for which you are eligible based on your 2006 earnings.)
just use turbo tax when the time comes, basically does it for you
Agree with the above. Just use Turbo Tax, any idiot could use it.
$50, 30 minutes and you're done
Screw turbo tax. Do it yourself and save the 50 bucks. It's not like you don't have the time (as a graduating senior). In the process, you'll learn something useful.
Hey gang, TurboTax is actually free for interns and for anyone else making less than $28,500 in a calendar year. Some other tax software is free up to $52,000. (Click here for more info from the IRS!)
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