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by AB-Answerbot on February 20th, 2007

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As a full-time student, am I exempt from federal taxes?

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Answers. 3 helpful answers below.

  • by AB-Answerbot on February 20th, 2007

    AB-Answerbot

    Every U.S. citizen or resident must file a U.S. income tax return if certain income levels are reached. There is no exemption from tax for full-time students. Factors that determine whether you have an income tax filing requirement include:

    * The amount of your income (earned and unearned),
    * Whether you are able to be claimed as a dependent,
    * Your filing status, and
    * Your age.

    If your income is below the filing requirement for your age, filing status, and dependency status, you will not owe income tax on the income and will not have to file a tax return. You may choose to file if you have income tax withholding that you would like refunded to you. For more information on filing requirements refer to Publication 501, Exemption, Standard Deduction and Filing Information.

    You may have given your employer a Form W-4 (PDF), Employee's Withholding Allowance Certificate, claiming exemption from withholding. To claim exemption from withholding, you generally would have to have had no tax liability the previous year and expect none in the current year. An exemption certificate is good for the calendar year.

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  • by Anonymous on April 4th, 2008

    Anonymous

    In years past I have filed my tax return and received a full refund on all federal taxes withheld. This year after filling out my 1040-ez, I owe money. Has something changed or has my income corssed some threshhold?

    Thank you.

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  • by smurfie on March 17th, 2008

    smurfie

    What's interesting is that if you have work-study, sometimes your work-study money is not subject to income tax. However, I don't know how they figure that out. Your w-2 should have the right values though so that you don't have to figure it out yourself.

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