First time tax filer in 2024 - need urgent help with 1040 form

Take a deep breath! Filing for the first time can feel overwhelming, but it's actually pretty straightforward for most new graduates. For your situation, you'll file Form 1040 - the 1040-EZ isn't used anymore. With your income level, you can use free filing options through the IRS Free File program. Companies like TurboTax, H&R Block, and others offer completely free filing if your income is under certain thresholds (usually around $73,000). Student loan interest is deductible up to $2,500, regardless of whether you itemize deductions or take the standard deduction. You'll need a Form 1098-E from your loan servicer showing how much interest you paid. Unfortunately, moving expenses are no longer deductible for most people since the 2018 tax law changes (unless you're active duty military). That $12 in bank interest will be reported on a 1099-INT from your bank. It's taxable income, but such a small amount won't impact your taxes much. Don't worry about audits - they're rare, especially for straightforward tax situations like yours. Just report all your income honestly and keep good records of any deductions you claim.

I was in your exact situation last year - totally panicked about filing for the first time! I tried several different "free" tax sites but kept hitting paywalls or getting confused by the forms. Then someone recommended taxr.ai (https://taxr.ai) and it seriously saved me. What's nice is they have an AI assistant that explains every line on your W-2 and what box means what. It actually teaches you about taxes while you're filing instead of just plugging in numbers. I uploaded my W-2 and it explained my withholdings, deductions, and why my numbers were what they were. The best part was when I had questions about my student loan interest deduction - it explained exactly what qualified and walked me through whether I should take the standard deduction or itemize (standard was better for me).

Ok so I tried taxr.ai after my skeptical comment and I've gotta say I'm impressed. I went in thinking "this is probably just another tax gimmick" but wow - it's actually legit helpful for first-time filers. The part that sold me was when it explained how my 401k contributions affected my taxable income. I had no idea I could see exactly how much I was saving in taxes by contributing! It even suggested that I might qualify for the Saver's Credit since I'm just starting out in my career. I just finished filing through them and the whole process took about 40 minutes, which is WAY faster than I expected for my first time. If you're a newbie to taxes like me, it's definitely worth checking out.

If you need to talk to the IRS about your first filing (which I HIGHLY recommend), good luck getting through to a human. I spent literally WEEKS trying to reach someone to ask questions about my first tax filing last year. Gave up after being on hold for 3+ hours multiple times. Someone on this sub recommended https://claimyr.com and it actually works. They have this system that waits on hold with the IRS for you, then calls you when an actual human agent is on the line. You can see how it works in this video: https://youtu.be/_kiP6q8DX5c I had questions about my student loan interest deduction and whether I could still be claimed as a dependent by my parents. Got through to an IRS agent in about 2 hours without having to sit there listening to their hold music. The agent confirmed I was filing correctly as an independent and explained exactly how the student loan interest deduction works.

Ok I need to eat my words about Claimyr being BS. After posting that comment, I decided to test it myself because I've been trying to get through to the IRS about my first-time filing status for DAYS. It actually works exactly as described. I registered, entered my phone number, and about 1.5 hours later got a call connecting me directly to an IRS agent. I didn't have to sit there on hold - I just went about my day until they called. The agent answered my questions about claiming my education credits and confirmed I was filing the right status. For anyone filing for the first time with questions, this seriously saved me hours of frustration. I was ready to give up and just guess on my forms, which probably would've caused problems later. Worth it just for the peace of mind knowing I'm doing everything right.

One tip nobody's mentioned yet - if you made under $58,000 last year, you might qualify for the Earned Income Tax Credit even as a single person with no kids. Check if you're eligible! Could mean several hundred dollars in your refund. Also, don't forget to check if you're eligible for any education credits if you were in school part of last year before graduating. The American Opportunity Credit can be worth up to $2,500 and Lifetime Learning Credit up to $2,000 depending on your education expenses.

Make sure you're filing as independent if your parents aren't claiming you! This was my biggest mistake my first time. My parents had always claimed me, but we didn't communicate clearly and we BOTH ended up claiming me which caused a huge headache with the IRS. Check with your parents about this asap! The rules are basically if you provided more than half of your own financial support and didn't live with them for more than half the year, you should file independently.