I Asked ChatGPT Which Tax Questions Gen Z Should Ask Before Filing — Here’s What It Said
Many members of Gen Z are about to go through a rite of passage into adulthood — filing taxes on their own for the first time. They’ve likely heard scary stories about what can go wrong or conflicting advice about whether a hefty tax refund is a good thing. But where can they find the real tea (no cap) on filing their taxes?
Ideally, Zoomers would sit down with a professional accountant to refine their plan. Even then, it helps to show up prepared. To make that meeting as efficient as possible, it's a good idea to answer some core questions in advance. So I turned to ChatGPT to learn which questions Gen Z should ask themselves — or sometimes, their parents — before filing their taxes.
1. Am I Still a Dependent?
This is a big question, especially if this is your first time filing taxes. ChatGPT broke it down into several subquestions to guide you to the answer.
Can my parents claim me as a dependent?
Did I provide more than half of my own financial support?
Was I a full-time student?
The AI said the answer could affect your standard deduction, eligibility for education credits and health insurance considerations.
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2. Did I Have Multiple Income Streams?
Zoomers are no strangers to a side hustle, whether that’s part-time work, freelance or contract work, gig jobs, reselling or earning income online. And they may owe taxes on it. ChatGPT suggests considering a few additional questions:
Did I receive any 1099 forms?
Did I earn money that wasn’t taxed upfront?
Did I track business expenses?
If you had 1099 income, you’ll likely owe self-employment tax, ChatGPT explained.
3. Do I Owe Self-Employment Tax?
Speaking of self-employment tax, the AI reminded enterprising Zoomers that if they made more than $400 in freelance or gig income, they may owe income tax and self-employment tax (Social Security and Medicare).
Ask yourself:
Did I set aside money for taxes?
Can I deduct business expenses (phone, internet, mileage, supplies)?
Have this information on hand when you talk to an accountant or file your own taxes using tax software.
4. Did I Pay for College or Student Loans?
Student loans and college costs are always on Zoomers’ minds — and tax time is no exception. Parsing through all the information can be confusing, so ChatGPT encourages you to ask:
Did I pay qualified tuition?
Did I receive a Form 1098-T?
Did I pay student loan interest (Form 1098-E)?
Understanding the answers can help you determine whether you qualify for certain credits and deductions:
American opportunity tax credit
Lifetime learning credit
Student loan interest deduction
“These can significantly reduce your tax bill,” the AI said.
5. Did I Invest in Stocks or Crypto?
As newer investors, many Gen Zers forget their investments factor into their taxes. Ask yourself whether you sold stocks or ETFs, traded cryptocurrency or received crypto as payment.
“Even if you lost money, you still need to report it,” the AI said.
6. Did I Move States or Work Remotely?
As Zoomers enter the job market, they’re taking opportunities across the country. But those opportunities can come with tax considerations if they involve moving to another state or working remotely for a company based elsewhere.
“Multistate filing surprises a lot of young taxpayers,” ChatGPT said. And it’s not a good kind of surprise — so be prepared.
7. Did I Have Health Insurance All Year?
Whether they obtained insurance through the marketplace or an employer, Zoomers need to know how long they were covered. ChatGPT explained that some states penalize uninsured months and that marketplace coverage may require reconciliation using Form 1095-A.
If you work with an accountant, they’ll likely ask about your health insurance status. Have the answers ready.
The Bottom Line
As Gen Z takes its first steps into adulthood, many are paying taxes — sometimes for the first time. The process doesn’t have to be complicated or scary. If they ask themselves these few key questions and gather the necessary information in advance, young filers can head into tax season more confident and far less likely to be caught off guard.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal, or tax advice.
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