College students may need to file a tax return

So you're a carefree college student, and to you, April 15 is just another splendid spring day. If you don't think you need to worry about income taxes, you may want to think again. By not filing income taxes, college students lose refunds (especially if they work) and tax credits. Not filing income taxes can also get you in hot water with the IRS. These common questions asked by college students to help you determine how to proceed.

Do I really need to file a tax return?

That depends. You don't have to file a tax return unless you've made $5000 or more from a job. If you have interest income, this will also affect whether or not you need to file. Just because you don't have to file a tax return, doesn't mean you should not. According to Kiplinger.com, in When Children Must File a Tax Return, "kids often get back most or all of their income taxes." Therefore, if you had money withheld from your paycheck, you will definitely want to complete a tax return. In addition, you may be entitled to certain credits on your taxes just for being a student.