is it true that I dont have to pay taxes while im a student?

[DarkManX]

my friend told me that while im a student and under 18 I dont have to pay any income taxes and I can be "exempt" from them. I know I get most of my federal taxes back. but is this true? I dont have to pay anything?

 

[iamwiz82]

you dont have to pay taxes on the first $4xxx of income. That goes for all people. I have been paying taxes every year and i am still a student. My dad is the one who does it and he is/was a CPA.

 

[Ipno]

No, its not true.

 

[StageLeft]

Only if you don't make much money.

 

[DarkManX]

well im already over 4,000$ for this year, so im stuck paying everything? my friend said he heard this from an account. could it be a state thing?

 

[NogginBoink]

Sounds like your friend believes everything he hears, or didn't get the full story.

You're not exempt from federal income tax just because you're a student.

 

[FeathersMcGraw]

Originally posted by: DarkManX
well im already over 4,000$ for this year, so im stuck paying everything? my friend said he heard this from an account. could it be a state thing?

It depends on whether you're talking about federal or state income taxes. If you're over the cap, you're going to be filing a federal tax return anyway (states don't regulate federal taxes). It depends where you are (and the applicable tax codes) whether there's a state (or local) filing on top of that.

 

[Mr N8]

Your not exempt from the taxes, but make sure you apply for the full-time student grants on your tax form. I got an extra $1k back for it the past couple of years.

 

[alareau]

no you have to pay taxes but you can get some or all of your tuition as a tax rebate i beleive. ( i don't do my taxes so don't quote me on this)

 

[StageLeft]

If the cutoff is $4k and you make $4050 then you pay only on the $50 - the first $4k is tax free.

 

[Rallispec]

no, you're not exempt.. you'll get a nice refund in the spring though, most likely.

 

[iamwiz82]

Originally posted by: Skoorb
If the cutoff is $4k and you make $4050 then you pay only on the $50 - the first $4k is tax free.

it isnt $4000 even, i cant remember the exact number, though.

 

[HomeBrewerDude]

You have to pay taxes on income, regardless of your status as a student.

You also have to pay sales tax, regardless of your status as a student.

 

[Ipno]

Yes but if you're living at home you can't really claim much for expenses. Your parents will claim you on their taxes as a dependant so you can't claim yourself. In fact, if they are paying your tuition they are the ones who get to claim that on their taxes as well. Students don't get much in the way of deductions, so yes, you have to pay taxes. There is, however, a minimum amount you have to make to be liable for federal tax (its more like $6000 a year I think) with 0 dependants.

Thing is, even if you only make minimum wage you will still pay some for unemployment tax and social security tax, no matter what, and you don't get a refund on those. Welcome to the real world.

 

[Yzzim]

Originally posted by: iamwiz82

Originally posted by: Skoorb
If the cutoff is $4k and you make $4050 then you pay only on the $50 - the first $4k is tax free.

it isnt $4000 even, i cant remember the exact number, though.

Yes but if you're living at home you can't really claim much for expenses. Your parents will claim you on their taxes as a dependant so you can't claim yourself. In fact, if they are paying your tuition they are the ones who get to claim that on their taxes as well. Students don't get much in the way of deductions, so yes, you have to pay taxes. There is, however, a minimum amount you have to make to be liable for federal tax (its more like $6000 a year I think) with 0 dependants.

I'm so confused

 

[ThreeLeggedGnome]

That's the whole purpose of tax laws. They are meant to be confusing so no one can tell how much they rob us whahahaha

 

[Jzero]

In short, if you make enough money, you are taxable, regardless of being a student.
If you want the specific number, go check the IRS and your specific state.

 

[Viper GTS]

It's really not that hard.

Fill out a 1040ez, that should tell you whether or not you owe taxes.

Put yourself as single, claim 0 dependants, enter your income, and voila - You either owe taxes or you don't.

I've filed taxes every year since I was 15.

Viper GTS