Tax tips

I have tried to fill my own tax forms for the last 4 years. Attended workshops, went to the payroll office to ask questions, talked to friends and searched the web. To no avail. But this time, ladies and gentlemen, when I had the most complicated tax return to file thus far, I finally got it all figured out. Two important pointers (especially for grad students out there):

1. Most of the simple tax returns can be filled by you, for free, without having to go to H&R or turbotax or any other of the myriad tax preparation services. Just call IRS at their toll-free number (800-829-1040) and ask for the forms which you need to fill. Download, print those forms and just follow instructions. Keep all your major expenses and incomes handy (including savings account interest/stock earnings/dividends) . If you have any questions, call IRS once again. The response is quite fast and they are open until 10 in the night!

2. Even if you have full scholarship, there will always be some money that you will have to pay. Calculate this amount using the 1098-T form that your university mails you and use the instructions there. The beauty of asking for an education credit is that it is not a deduction but a "credit" which means that you get this full amount off your income tax not your wages. For me, it was $20. Peanuts but gave me a huge kick to figure this out.

After the initial period of mystery, followed by semi-confused loathing caused by a lack of accesibility, understanding slowly dawns and I guess I have finally fallen in love. With tax forms. As my colleague says, "you are the only person in the whole world who would love to fill a tax form". And I silently think to myself, "Perhaps, I am a Gujarati".