Need an extra $200? It might be as easy as submitting your income tax returns. Although doing your taxes can be scary for the first time, it is not as bad as it sounds. With the Internet at your fingertips and the right forms in your hand, this will be the easiest money you could ever make.

Need professional advice?

Nyle Cottington, manager at H&R Block in Ames, has some tips on doing your taxes.

Q: What is the easiest way for students to file their taxes?

A: The easiest way, if you are computer savvy, is to file online. H&R Block offers free services online to do your federal taxes. If you don’t have a computer, you can file electronically with H&R Block if you come in.

Q: Are their any tax benefits that college students are eligible for?

A: Yeah, there are a lot of tax benefits students can file for if you are not claimed as a dependent on your parents tax return. You can visit the Iowa State Web site and search for the 1099T form to see what you are eligible for, which can be up to $4,000.

Q: On average, how long does it take to get your return back?

A: If you electronically file, it can be as fast as 10 days if you submit it at H&R Block or online, and [the refund] is directly deposited into your checking account.

Q: What are the necessary forms you need in order to do your taxes?

A: You need to have your W2 from all of your employers you had for the past year. You also need to make sure you claim the money you have made from interest or dividends you received and if you did any sub-contractor work and were paid.

Q: Do you have any advice for a college student that is filing his or her taxes for the first time?

A: If you have never done your taxes before, you probably should speak with a tax professional.

Most college students are able to get most of their tax money back, depending on your income level. If you made $8,450 or less you don’t have to file a return unless you want the money back.

Q: Are there any special offers H&R Block offers that would help a college student with their taxes?

A: We offer our “Double Check Challenge.” If you bring in your completed tax return we will look at the return without charge. You can bring in your returns from the past two or three years as well as this year, too. We will look at it and make sure everything is correct for free, but it costs money to file it with us.

Deadlines

Federal taxes are due April 17 and Iowa taxes are due April 30.

FAFSA (Federal Application for Free Student Aid) has a priority deadline of February 14 but is actually due March 1. If you have not yet filed your FAFSA, you may still do so at www.fafsa.ed.gov.

The forms you need

Most college students will be able to do their taxes by filling out one of the following three forms.

1.1040EZ income tax return form for single and joint filers with no dependents.

2.1040A U.S. Individual income tax return

3.1040

• You should have gotten your W2 forms (wage statement summaries) from your employer(s) at the start of the year. If you have not yet, check with your employer.
• You need the 1099-INT form which states any interest or dividends you received this year that you have to claim as income.
• Any information related to school and school loan expenses. This can help you get more money back from your return.
• Check on the ISU Web site at www.iastate.edu to view your 1099T and see if you qualify for any of those benefits.

Do it yourself

There are some helpful Web sites where you can find out more information about filing your tax return, and among those are many that will actually help you to do and submit your federal and state taxes.

When you visit the IRS Web site, click on Freefile. Freefile will give you a list of tax companies that are willing to do your taxes online for free, although most of the time it is only your federal income tax return.

All you have to do is have the forms ready and about an hour to devote to getting it done.

Web sites

Most of these Web sites require a login name and password. If you cannot finish your taxes in one sitting, you may log back on and finish at your convenience.

www.turbotax.intuit.com

With this site, you can fill out and submit both your federal and state tax return for free.

www.hrblock.com

You can only file your federal tax return for free here, but it is quick and easy to use.

www.taxactonline.com

This site will also file your federal tax return for free, but it will charge you $12.95 for your state return if you want them to do that, too.

www.olt.com

This site offers a free customer service hotline and e-mail help if you run into any problems. The drawback – you can only file your federal tax return here.

For information on how to file your state income tax return, visit your state’s home page. Often there will be an option to file them electronically and it will be offered for free by certain companies.