Taxes
What form shows how much money you earned at your job?
What is a W‑2?
Q: Which form reports your tuition and education expenses?
A: What is the 1098‑T?
Albany purchases an energy drink for studying. Is this deductible or is she delusional?
Delusional
Q: Lauren sells her old clothes on Depop (makes good money too!). Do she have to report income from selling clothes online?
A: Yes! :(
Q: What’s the fastest way to get your refund?
A: Direct deposit.
Q: True or False: You only need to file taxes if you have a set salary of $50/hour.
A: False — you may need to file even if you made less
Q: Which form reports freelance or gig income?
A: What is a 1099‑NEC or 1099‑K?
Chebet purchases her textbooks required for class. Is this deductible or is she delusional?
Deductible (education credits)
Q: Tyra runs a hair company and payed her income tax, but the IRS still got her? Why?
A: Self‑employment tax.
Q: When are taxes due?
A: April 15.
Q: At what age are you considered independent?
A: 24
Q: What is the name of the student loan interest form?
A: 1098‑E.
Sydney is a driver for DoorDash. Is her mileage deductible or is she delusional?
Deductible
Q: Peyton need to file taxes for her skincare company soon and needs proof of her expenditures. What must she keep to prove these expenses?
A: Receipts or records.
Q: Why should you file early?
A: Avoid delays + reduce identity theft risk.
Q: What type of income must you report even if the company didn’t send you a form?
A: Side hustle / self‑employment income.
Q: What two things does a W‑2 show?
A: Total earnings + taxes withheld.
Lyndsey purchases a new Macbook Pro as a requirement for her major. Is this deductible or is she delusional?
Deductible (but it must be required by the program!)
Q: Briamber is a nail tech. She has her clients pay her through CashApp. At what amount might CashApp send her a 1099‑K?
A: $600.
Q: What happens if you file as independent but your parents claim you?
A: Your return gets rejected.
Q: What does a smaller refund actually mean?
A: You paid closer to the correct amount in taxes during the year.
Q: What form do you file to report your full tax return?
A: Form 1040.
Ginger is preparing to move and donates half of her closet to Goodwill? Is this deductible or is she delusional?
deductible (itemized based on fair market value)
Q: Hailee runs a women-only, small, local gym. How much self‑employment income triggers a requirement to file taxes, even if you made nothing else?
A: $400.
Q: What’s the name of the free tax help program often found on college campuses?
A: VITA (Volunteer Income Tax Assistance). (GT doesn't have this)