I am a full time student, even during both summer sessions. I am also working. A friend told me that I shouldnt be paying hardly any taxes, he thought I shouldnt have to pay federal or state taxes. Anyone know anything about this? I know I can probably get some of it back when I file taxes but how much? Also, if anyone knows any loop holes or anything that full time students can do PLEASE let me know. Thanksbtw, i cant spell
7/9/2006 11:05:12 PM
do you do your own taxes? or have them done by a company or your parents?
7/9/2006 11:07:47 PM
Is your friend a CPA? As you student, you can claim certain deductions and tax credits. If you use a program like turbotax, it will walk you through all of that when you file. However, if you're a student but you earn 50k, you're still going to pay a fair bit in income taxes.
7/9/2006 11:14:10 PM
Their isn't much specific to being a student other than getting a deduction or credit for tuition and required fees. If your parents aren't claiming you as a dependent and your income is low, you should get most or all of your withholding back. If your parents claim you as a dependent, you probably won't get much back except your tuition deduction or credit.Oh yea, you can deduct your student loan interest (paid interest, not accrued) too.[Edited on July 9, 2006 at 11:16 PM. Reason : ?]
7/9/2006 11:15:51 PM
^if you're being claimed as a dependent, you can't claim tuition and fees or student loan interest. Your parent(s)/guardian get to claim them. http://www.irs.gov/pub/irs-pdf/i1040a.pdf See pages 31-32Sucks, I know...[Edited on July 9, 2006 at 11:59 PM. Reason : link]
7/9/2006 11:55:09 PM
On that topic...are fellowships taxable? I saw online it said they were, but a lot of people who have gotten them in the past say that they arent. I was just wondering if anyone knows from experience.
7/10/2006 12:55:56 AM
Two rules that hold true in life:#1 - Everyone pays taxes#2 - Everyone dies
7/10/2006 1:01:58 AM
^ do the bushmen of africa pay taxes?
7/10/2006 1:20:52 AM
7/10/2006 6:07:40 AM
If no one can claim you as a dependent this is what you doFill out a W4 so you're exempt for fed. and state taxes, this means they'll only take out social security and medicare from your pay check.When tax time comes around be sure to include tuition as a deduction, as long as you arnt making that much money you shouldn't be paying anything in taxes
7/10/2006 7:20:35 AM
thanks bbehe, thats what i was trying to find outim on a full scholarship, so i wont be able to file that i dont reckon. But they have been taking state and fed taxes out of my paycheck at work, even though i filed the W4 form indiciating that I was a full time student. But I think im just gonna let that stay like that JUST aslong as I will get it back when I file my taxes.
7/10/2006 11:34:59 AM
you'll get back what you're entitled to, based on taxable income.
7/10/2006 11:41:27 AM
7/10/2006 12:34:27 PM
Check out http://www7.acs.ncsu.edu/cashier/tuition/1098T.asp
7/10/2006 12:36:40 PM
You should have filled out a tax form, and you should have put exempt...
7/10/2006 12:43:39 PM