DALLAS – Many students may not realize it, but the money they make from working at a part-time or a summer job should be reported to the IRS. When you start a new job, you fill out an IRS Form W-4, Withholding Allowance Certificate.
“Your boss uses the information from that form to figure out how much tax to take out of your paychecks,” said Clay Sanford, an IRS spokesman in Dallas. “But many students overlook filing a tax return and they forget to report the income they received from that part-time or summer job.”
The bad part of that is—if you’ve never filed an income tax return before and you’re not used to it, you may be overlooking a tax refund.
“Best advice—when you get your Form W-2, Wage and Tax Statement, from your employer during January or February of next year—file a tax return,” Sanford added. “You may be eligible for a refund.”