Tax Benefits for College Students

Did you know you can take advantage of special tax breaks just for college students and their parents? These benefits come in the form of tax credits and deductions when you file your income tax return. What’s the difference? A credit reduces the amount of income tax you have to pay. A deduction reduces the amount of your income that is taxed, which also typically lessens your tax bill. In other words, you could get a bigger tax refund!

Filing Your Taxes

Let’s back up a bit and start with the basics of filing your taxes. If you’re wondering if you should bother filing because you only work over the summer or a few hours part-time during the school year, the answer is YES! You aren’t required to file if your income is under $6,100 but you may be able to take advantage of those credits and deductions we mentioned.

  1. Before you start, ask your parents if they will be claiming you as a dependent. Typically your parents can claim you as a dependent if they provide more than half of your support, which is often the case for college students. If they plan to claim you on their taxes, you will need to answer “yes” on your return when you are asked if someone else can claim you as a dependent.
  2. Next you’ll need to gather your W2s and a list of your college expenses (tuition bills, credit card bills from textbooks, etc.) You can file with a paper form or online – the IRS offers a list of trusted “Free File” software. It might be a good idea to sit down with your parents while you complete your return in case you have any questions, especially if this is the first time you’ve filed your own tax return.

Note: if you’re receiving financial aid, TurboTax offers some tips on reporting financial aid on your income tax return.

Now back to those education credits and deductions that may be available to you or your parents:

Deducting Tuition and Fees

You may be able to deduct certain higher education expenses paid during the past year if you are not eligible for one of the credits. You cannot claim this deduction if your filing status is married filing separately or if your parents can claim you as a dependent on their tax return. This deduction can reduce the amount of your taxable income by up to $4,000.

Student Loan Interest Deduction

Once you are making payments on a qualified student loan (usually after you graduate), there is a special deduction allowed for the interest you’ve paid on your loan in the past year. Your lender should provide this statement in the mail or electronically each January*. This deduction can reduce the amount of your income subject to tax by up to $2,500.

*If you are beginning to pay back your Student Choice loan through Midwest Community, please log in to your account where you’ll find all your repayment information.

If you still have questions, or you’re not sure if you’re eligible for these credits and deductions, you can use the IRS’s Interactive Tax Assistant to find out if you may be eligible. You can also read the full descriptions of the credits and deductions, including income limits, on their website.

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We are growing!

Imagine the possibilities. At Midwest Community, we are well-known for advancing our employees and promoting from within at all levels of the organization. Take the first step in starting your career and grow with us!

Float Member Service Representatives – may have days scheduled at any location (Defiance, Bryan, Napoleon). Computer literacy is required and cash handling or banking experience is preferred. Please see the job overview for a list of duties.

Starting pay is $17.44 an hour
$19.62 an hour after 180 days of service
$21.79 an hour after 1 year of service

Resumes may be submitted to Andrew Scharlacken at ascharlacken@midcomm.org.

All are welcome. Midwest Community Federal Credit Union is an Equal Opportunity Employer.

We are growing!

Imagine the possibilities. At Midwest Community, we are well-known for advancing our employees and promoting from within at all levels of the organization. Take the first step in starting your career and grow with us!

Float Member Service Representatives may have days scheduled at any location (Defiance, Bryan, Napoleon). Computer literacy is required and cash handling or banking experience is preferred.

Starting pay is $17.44 an hour
$19.62 an hour after 180 days of service
$21.79 an hour after 1 year of service

Please see the job overview for a list of duties. Resumes may be submitted to Andrew Scharlacken at ascharlacken@midcomm.org and are kept on file for one year.

All are welcome. Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Investment Representative

The primary purpose of this position is to assist Midwest Community Federal Credit Union by delivering outstanding service to both internal and external members. A key element of excellent service is to identify the financial needs of each member and recommend an appropriate credit union solution. In addition, receives members in person and by telephone. Helps Member Investors reach financial goals utilizing our consultative sales process. In addition, responsible for ensuring that outstanding service is delivered to both internal and external members. A key component of this service is to provide proactive guidance on investment solutions via a needs-based consultative selling approach to both current and prospective Members who have placed an inbound call or referral to the Investment Representative.

For more details, please contact lfrysinger@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

Member Service Representative

Midwest Community Federal Credit Union is looking for a Member Service Representative to process transactions, accurately perform end of day balancing procedures, follow company policies and utilize the core data processing system and various software applications, including electronic banking services. We are seeking candidates who are punctual, honest, friendly, and have outstanding communication skills. Please see the job description for a full list of duties. Resumes may be submitted to Sondra Manon at smanon@midcomm.org.

Midwest Community Federal Credit Union is an Equal Opportunity Employer.

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