Students are not exempt from taxes and have the same filing requirements as everyone else
Already beleaguered college students will be disappointed to learn that there is not a tax exemption for students, full-time or otherwise.
Whether you have to file a return depends on
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your income amount (earned and unearned)
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whether someone else claims you as a dependent
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your filing status
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your age
If your level of income is below the filing requirement for your age, filing status, and dependency status, then you don’t have to file a return. Conversely, if your income level is above this filing requirement, you must file regardless of whether you are a student.
You can see the filing requirements for most non-dependent situations below:
Most students are single and under 65. Therefore, they only have to file an income tax return if their gross income exceeds $9,750.
Many students are also still dependents, as full-time students can be claimed up to the age of 24. The filing requirements for dependents are a bit different (and a bit more complicated). Dependents can figure out whether they have to file by examining the chart below.
It is possible to claim an exemption from withholding, but this exemption is available to everyone, not just students. In order to claim it you must have had no tax liability last year and expect to have no tax liability for the current year either. You can claim this exemption by filling out a new Form W-4.
The number of people who can claim an exemption from withholding is very small. Most people, including students, will have to have taxes withheld and file a return.
Photo via velkr0 on Flickr.
