Additional Resources

Whether you are a prospective undergraduate or graduate, current student, alumnus/a, or parent, you will find resources that can support your financial success and Life Plan goals.

"Making money doesn't make you financially successful. Knowing what to do with it before you start making it and acting on the knowledge you gain is the true key to your long-term financial success."

-Chris Magnan

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Budgeting
- Follow the 30%(wants) /50%(needs) /20%(future) rule as you start your career (or something similar).
- Set savings goals based on a percent of your income, not based on what you spend monthly.
- Have Life Plan goals and plan your budget and investing around them.
- Don't stretch yourself financially and end up with unaffordable payments.
Credit & Credit Cards
- Develop and maintain a high credit score. No credit is not good credit.
- Keep balances low and do not overborrow. No keeping up with the Joneses.
- Practice good spending habits with a debit card before getting a credit card
- Use the right credit card strategies to advance your score.
Saving & Investing
- Build up and maintain an emergency fund.
- Understand that saving is NOT investing - not even high yield savings accounts.
- Invest young by choosing stocks wisely, buying ETFs, and opening a Roth IRA.
- Always have a diversified investment portfolio.
- Don't pass up employer matches in retirement accounts.
Loan & Debt Management
- Start by estimating your future salary to make sure you can repay your student debt comfortably, while still being able to accomplish your goals.
- Do not carry high-interest debt and avoid emergency loans of all types
- Understand loan terminology like deferment, forbearance, default, loan servicer, rates, fees, etc.
- Make prepayments if possible to avoid interest accumulation.
- Learn about all repayment options and choose the once that supports your goals.

Top 10 College Student Tax Questions

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Do I need to file a federal tax return?
- Yes, if you made over $15,750 in 2025 W2 form income.
- Yes, if you made over $400 in 2025 1099 form/self-employment income.
- Varies for other types of income from a variety of sources, like investments, trusts, etc.
- State income tax filing requirements vary from state to state so check on your state requirements.
- It may be beneficial to file, even if you made less than the minimum required to file.
- Attend our Tax 101 Money Talkand/or visit this site to learn more about federal requirements.
What sites can I use to file my federal tax return?
- Free on the IRS site or you can print it and mail it.
- Sites like TurboTax and H&R BLOCK are also commonly used by college students
How much does it cost to file a federal tax return?
- If filing yourself on something like this IRS website, it could be free.
- If filing with a service like H&R Block it could cost about $30-$80 for computer software to do it, but there is also a free version where you are guided to file it yourself.
- Hiring a tax preparer could cost between $200-$1,000, but most college students do not have complex tax returns.
What information do I need to file my federal tax return?
- Social security number
- Whether your parents claimed you
- Income documents, like a W2 or 1099 forms
- Checklist for filing taxes
What are some basic tax terms I should know?
What are the different types of taxes that I might pay?
- Federal Individual Income Taxes and possibly a state income tax
- Property taxes when you own a home.
- Sales taxes on everything.
What is the deadline for filing federal taxes?
- Typically, it is April 15th, but don’t wait until the last minute.
- If applicable, filing earlier could help you get your refund (if eligible) quicker.
- You can start filing as soon as January 1^st.
How do my parents claiming me on their taxes effect my need to, or ability to, file a tax return?
- This does not stop you from filing your own return or being required to (if applicable).
- Typically parents benefit from claiming you as a dependent because parents may receive child tax credits, earned income credits, and additional tax benefits like education credits from your UM 1098t form.
How safe is filing federal taxes online?
- More secure than mailing tax returns
- File directly through the IRS or through or other reputable websites used by students, like TurboTax or H&R BLOCK.
How do I avoid tax filing fraud, which is a version of identity theft where someone files your tax return and gets your refund?
- Don’t leave important documents unattended, like your Social Security card.
- File taxes early on reputable websites and avoid phishing scams.
- Shred tax documents when no longer needed, keep them in a locked and/or password-protected location.
- Visit this IRS site for more details on how to determine if you are a victim already, plus additional preventive activities and how to recover from this if you are a victim.

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The content above is provided for informational purposes only. The University of Miami does not endorse any products or services described therein.

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Top 10 College Student Tax Questions

Office of Undergraduate Financial Assistance and Employment

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