02/01/2026
As young individuals begin receiving W2 or 1099 forms from early employment, navigating the subsequent steps can be perplexing.
Frequently, questions arise, such as:
1. Am I required to file a tax return?
2. Does this income need to be reported on my parents' return?
3. I received a 1098-T for school tuition; where does that information go?
4. Can I claim myself on my return?
5. Can my parents still claim me as a dependent on their return?
6. If I engage in part-time work, such as lawn mowing or farm work, must I report that income?
7. I got some prize money in the premium auction at the local, county, or state fair on my 4-H or FFA project. Is that taxable?
8. I received a scholarship covering some of my room and board; is that taxable?
9. I or my family withdrew funds from my 529 plan for school expenses; is that reported or taxed?
10. I receive financial support from multiple sources for educational expenses, including 529 plans, ROTH IRA withdrawals, FAFSA grants, school-based scholarships, parental support, local business-based scholarships, grants, and work-study programs. Are any of these taxable, and how do I determine which ones?
11. I receive scholorships and grants but my parents paid my school costs anyway, does this change things?
12. My parents are divorced, if my info affect my parent’s return, which parent? Both parent?
13. Can i file to get withheld taxes refunded?
14. Are there credits or programs i qualify for if i file a return even if i am not required?
15. Can I start a school savings account for myself?
16. Can I start a retirement account for my self?
17. What are the new Trump accounts? Are they only for newborns?
Many situations are similar but each situation is unique. Online reasearch can help but seldom considers all the factors that may change the best options for you and your family. Have someone to ask can help.
LET ME HELP AND PROVIDE GUIDANCE WHERE I AM ABLE. Just my way of giving back to the community and helping our youth get started on the right foot.
My intent is to provide this help for FREE. I am still working on the “how” to do this effectively.
If you want to arrange a small group of parents and kids, we can have an informal chat.
If the church youth pastor would like to arrange a time for his / her group, that would work great.
Same would be available for any of the teachers or school groups. The FFA or Home Economics instructors or the bookkeeping class or the industrial art classes could arrange a time.
If individual parent or a group wants to schedule a time with just their child or children, that could happen too.
If any of our civic organizations or a chamber of commerce want to organize a presentation, let’s chat.
Now is tax season so the most appropriate time to try to provide the information. Just let me know if I can help.
Kent L Brown
Brown Ales & Liquor
Saks Thrift
Red Dirt Laundry And CO.
Treasa Holder Schutt
Robbie Gilbert Financial Services
Elk City Chamber Of Commerce
The Sayre Chamber Of Commerce
Andy Taylor
Cheyenne- Roger Mills County Chamber of Commerce
Mangum, Oklahoma
City Of Elk City
City of Sayre
City of Cheyenne
City of Mangum
City of Mangum
City of Erick
City of Cordell
City of Burns Flat Senior Center
Great Plains Technology Center
Western Technology Center
Carrie Campbell
Sweetwater Public School District
