ELI GILL First-year business economics student
Kehsa Batista (right) and third-year aerospace
engineering student Max Roberts take notes at an
H&R Block-sponsored student tax seminar Thursday.
By Crystal Betz
Daily Bruin Contributor
Mr. Taxman will pay his visit in 92 days. And with 440 new tax
laws enacted this year, the tax filing process can seem more
confusing than ever.
For students who are at a loss, help is available, and with
proper planning and preparation, some might even be able to get a
little bit of cash back this year.
“The biggest mistake students make is missing deductions
or credits they are eligible for,” said Amir Ronen, H&R
Block tax professional.
To help students better prepare their 2001 income taxes before
the April 15 filing deadline, H&R Block provided a free tax
solutions seminar Thursday at the Bradley International Center.
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Additionally, the UCLA student group VITA ““ volunteers
trained by the Internal Revenue Service and the Franchise Tax Board
in basic tax law ““ will be holding a tax information session
Tuesday in Rolfe 1200. Those who cannot afford the average $70 fee
to have their taxes professionally prepared can turn to VITA.
Thursday’s seminar covered various filing requirements for
U.S. citizens, resident and non-resident aliens, different income
tax credits and deduction ideas for student tax returns.
Those who are single with an income less than $7,450, head of a
household with an income less than $9,550 or who file a joint
return with an income of less than $13,400 do not have to file
taxes. But those who earned above these thresholds are legally
required to file taxes.
Income from scholarships for tuition fees, books and supplies,
and course equipment are non-taxable. But scholarships for any
other expenses, such as room and board, may be taxable, Ronen
said.
Two other tax credits that affect college students are the Hope
and Lifetime tax credits. The Hope credit can be used in a
student’s first two years of higher education for a maximum
credit of $1,500. The Lifetime credit is for students attending
school to improve job skills and has a maximum credit of
$1,000.
Participants leaving the seminar said they felt more at ease and
a bit more informed about tax preparation.
“Our taxes are tricky because my husband, who currently
attends UCLA, and I work multiple jobs,” said Kim Ortiz, a
UCLA alumnae and seminar participant.
“I knew there were deductions for students, but when we
did our taxes online it said we were not eligible, but we are.
Learning about the student loan write-off of interest was extremely
helpful,” Kim said.
For second-year biochemistry student Yvette Cardenas, this will
be her first time filing taxes.
“I plan to do them myself,” she said. “Just
learning about deductions and tax credits really helped.”