Author Topic: How to file taxes?  (Read 1237 times)


  • 5 O'Clock Shadow
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  • Posts: 79
  • Age: 23
How to file taxes?
« on: February 03, 2015, 09:28:18 PM »
Ok, I have a nice complicated one for you.

my name is Jim and I'm an 18 year old college student. Those involved with my taxes will be my mother who is head of household, and also a pursuing a degree, and my sister who is a 23 year old college student. We moved from Ohio to Tennessee in August and everyone except for myself has held multiple jobs for the year. I don't have full information on everyone as I don't have all the forms in front of me until I go home to do the taxes in 2 weeks. Just trying to prepare in advance as I will be handling my family's taxes this year.

My mom:
$11,000 or so in income for the year.
$6,000 in Ohio
$5,000 in Tennessee
Paid college tuition in Ohio and Tennessee. Not sure if she made any loan payments.
No mortgage

My sister:
$6,000 or so in income for the year
Stayed in Ohio when we moved to Tennessee in August
Paid college tuition in Ohio at 2 schools. I believe all her loans are currently deferred.

$4,000 on my W2 from working in Ohio
$19,000 in scholarships for 2014.
$12,000 in education expenses (I can get that up to $13,000 with books and laptop)
$3,000 in Roth IRA contribution.

I can handle the basic stuff but I'm really not sure how to handle everyone's 1098-T forms. I thinking everyone should do their own 1098-T but I really can't get a handle on how it would be done best since my mom's income was so low for the year. I'm trying to obviously maximize our credits and reduce our tax liability as much as possible. Thankfully things will be easier next year because my sister will be independent and nobody will have worked in multiple states.

If anyone has any sort of advice to give me, that would be appreciated.


  • Walrus Stache
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  • Posts: 9857
Re: How to file taxes?
« Reply #1 on: February 03, 2015, 09:51:27 PM »
First you'll need to decide who, if anyone, is a dependent and who will be filing with single (or head of household) status.  This should be a matter of fact, not choice: who contributed more than 50% to pay whose expenses?

You'll need Federal + 2 states.  We've used Quicken for years, and still will this year, but TaxAct and others have very attractive pricing....  I'd suggest it is well worth your time to get software help for the education credits, part-year state returns, etc.

Hard to comment more specifically, but if you have specific questions just ask and usually someone will know.