I am 21 years old and just had my first full year of work last year. I have no idea how to do my taxes or even start. I also do not have the immediate funds to pay my taxes. I feel like I am in a panic now... What do I do?!
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First, take a breath. When you're first starting out, taxes are generally not that complex, so there's no need to be anxious over this.
Start by gathering your tax info. You probably have one or more W-2 forms. You also might have one or more 1099 forms, which are issued to you for various types of income. Common 1099 forms are: 1099-INT for interest from a bank/brokerage, 1099-DIV for dividends from mutual funds/stocks you own, 1099-B from a brokerage for any stock/fund sales you might have made.
In addition, you may have student loans you're now repaying, which means you might have been issued a 1098-E form for the interest you paid, for which you might be able to get a deduction. Plus, you'll probably have a health insurance form: 1095-A, 1095-B, 1095-C.
Those are the basic ingredients for a first-time filer. And not all these forms may apply to you. So gather what you've got.
Once you've assembled your forms, go to Turbotax.com and click the button that says Start for Free. You'll be shown a sign-in box, and if you look down below it you'll see New to Intuit? Create an account. Click on that and you'll be walked step by step thru the account setup process. Once you're set up, then you can begin the tax return by following the prompts.
First you'll enter your personal info, then you'll start entering your forms in the appropriate sections. TurboTax may try to interest you in add-on services, and you can simply decline. At some point -- if you have certain forms (like a 1099-B) that require special treatment -- you may be required to upgrade in order for TurboTax to prepare a specific form, but that will be made clear to you (vs the add-ons, which are optional).
That's how you do it. Step by step, entering your forms, following the prompts. If you get stuck, use the Search or Contact links in the upper margin. You'll probably find this process to be less intimidating than you thought.
Lastly, if you received W-2 form(s) from your employer(s), then you probably had taxes withheld and may not owe anything. If you do owe, IRS has payment plans (https://www.irs.gov/taxtopics/tc202.html).
First, take a breath. When you're first starting out, taxes are generally not that complex, so there's no need to be anxious over this.
Start by gathering your tax info. You probably have one or more W-2 forms. You also might have one or more 1099 forms, which are issued to you for various types of income. Common 1099 forms are: 1099-INT for interest from a bank/brokerage, 1099-DIV for dividends from mutual funds/stocks you own, 1099-B from a brokerage for any stock/fund sales you might have made.
In addition, you may have student loans you're now repaying, which means you might have been issued a 1098-E form for the interest you paid, for which you might be able to get a deduction. Plus, you'll probably have a health insurance form: 1095-A, 1095-B, 1095-C.
Those are the basic ingredients for a first-time filer. And not all these forms may apply to you. So gather what you've got.
Once you've assembled your forms, go to Turbotax.com and click the button that says Start for Free. You'll be shown a sign-in box, and if you look down below it you'll see New to Intuit? Create an account. Click on that and you'll be walked step by step thru the account setup process. Once you're set up, then you can begin the tax return by following the prompts.
First you'll enter your personal info, then you'll start entering your forms in the appropriate sections. TurboTax may try to interest you in add-on services, and you can simply decline. At some point -- if you have certain forms (like a 1099-B) that require special treatment -- you may be required to upgrade in order for TurboTax to prepare a specific form, but that will be made clear to you (vs the add-ons, which are optional).
That's how you do it. Step by step, entering your forms, following the prompts. If you get stuck, use the Search or Contact links in the upper margin. You'll probably find this process to be less intimidating than you thought.
Lastly, if you received W-2 form(s) from your employer(s), then you probably had taxes withheld and may not owe anything. If you do owe, IRS has payment plans (https://www.irs.gov/taxtopics/tc202.html).
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