Once you have these documents in hand, you’re ready to fill out a 1040 tax form. You can usually get the form from your local library or post office. You can also use an online tax service, like TurboTax, which walks you
through each step of filling out the form. There are plenty of online resources to answer any question you have or you can contact the IRS through its website.
Budgeting and knowing where your documents are (store them safely in a folder or envelope!) make tax time painless. Many apps for managing your money will also allow you to export your data directly into your online tax pro-
gram. Filing your tax return is not as complicated as you think, especially if you’re single and have no dependents.
Personal Finance Stories Tina got her first job last year at the local mall, while still going to school. She works as a barista at the local coffee shop, gets paid fairly well, earns tips from customers, and has a flexible schedule that works around her classes. It’s the beginning of the new year, and she’s starting to think about filing her tax return. Her job sent her a W-2 detailing her annual wages and taxes paid, her school sent her a 1098-T detailing her school expenses, and she’s been pretty good about keeping track of her tips. Tina decided to use an online tax preparation software, which is free for someone in her income bracket with an incomplicated tax return. She entered her personal information, her bank account information (for a potential refund), her W2 was able to import directly into the program, she manually copied the information from her 1098-T, and then she answered a few other questions about her job, tips, life, automobile registration, etc. Within 15 minutes, Tina was done and was excited to find out that she’d be getting about $1,000 back in federal and state refunds — money she’s planning to use for a mini-vacation. Now all she had to do is wait for the refund to be automatically deposited into her bank account by the IRS.
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