Taxes

From YaleWiki
Jump to: navigation, search

Yale Wiki had a snafu with the web host a while back, and it was down for quiiiite a while.

Curious about What Happened? Or who runs the wiki?

You'll probably notice some things that are out of date. Help fix it?

Have a NetID? Then you already have a YaleWiki editor account :)

Of course, don't take a wiki's legal advice. But you can follow its links to the most legitimate references! Primary sources, even.

Do I have to?

Federal Reference - "Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back?"

  • If you work for Yale, the answer is probably yes. The government probably owes you a lot of money, and you want this back.

Alternatively, you could ask Student Employment to not withhold this money in the first place by filling out a form. You do run the risk of owing the government a large sum of money at once if you make a lot in the year though.

Get Your W-2

  1. Log into the Portal: www.yale.edu/portal
  2. Click ‘My Pay and Info’, in the "Student Links" box on the righthand side of the page
  3. Click the "W-2" tab
  4. Press "Print" (if you're on the correct year)
    • Optionally save the file as "Firstname Lastname Taxes W-2 2011.pdf" or something you'll recognize.
    • Optionally put this and all other documents in a folder, so you can find what you need next year.

Federal Taxes

Try one of the Free Filing services, curated by the IRS http://apps.irs.gov/app/freeFile/jsp/index.jsp?ck

The more "official" route for federal taxes is e-filing, but it's not quite as easy


TaxAct doesn't harass you so much:)


TurboTax is another option, but they harass you so much.



Deductions

The standard deduction is often what students end up using, so this section likely won't affect you.

Can include (among others) Education deductions: You will need:

  • Form 1098-E from student loan lenders (from your lender)
  • Form 1098-T from education providers (from yale.edu/sis => "Billing and Student Accounts" => "Form 1098-T" for the past two years if possible)
  • Receipts for education expenses (from Amazon / the bookstore / etc)

State Taxes

Most students will have to pay taxes to both CT and their home state. You can file a "credit" to one state saying you already paid taxes to the other.

Some students may choose to formally move to CT, changing their state of residence. "State of Residence" can be determined by many factors, and you have to be sure to cover them all. You must sever ties to your home state and create these in your new state:

  1. State ID / Driver's License
  2. Register to be a voter
  3. Use CT Address with Yale (on your W-2)
  4. Use CT Address on your federal and state tax forms

In CT if you make less than ~$12,000/year you don't pay any taxes.



in CT

CT State Tax Website The CT state website is really easy!