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If a college student earns 3000 in a school year can the parents still claim her as a dependent on their income taxes?
Wiki User
∙ 15y ago
Yes...presuming they meet all the other dependency tests. The student cannot then claim a dedcution alos, although one isn't needed in this casse.
Wiki User
∙ 15y ago
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Is a dependent child who is a student required to pay taxes on monthly income they receive from their parents?
No. The money that your parents send you for educational and personal needs has already been subject to taxation.
How long can a person be claimed as a dependent on their parents income taxes?
So long as they live at home, their parents are providing over 1/2 of their support, and they are either a. a full-time student under the age of 24, or b. making less than $3,500 (for 2008) per year
What is the minimum income requirement in order to file an income tax return individually and not as a dependent?
Everyone is allowed to file an individual tax return, whether they are a dependent or not. Even if you are a dependent, you are required to file your own tax return if you have sufficient income to require the filing of a tax return. There is one exception: If a child under 18 (24 if a fulltime student) has income ONLY from interest and dividends and has income under $9500 (in 2009), the parents may report the dividends and interest on Form 8814 instead of filing a return for the child if they wish. And even if you are not required to file a return, you are allowed to file a return, whether you are a dependent or not. You would want to file a return if you had tax withheld from your salary or from other payments or are eligible for a refundable tax credit. If you choose not to file, you will eventually forfeit your refund. With the one exception noted above, your parents (or whoever is claiming you as a dependent) are not allowed to claim your income or your refund on their tax return.
Does a single student earning 3132.25 in 2007 need to file a federal tax return and will any taxes be owed?
If you're a single student claimed as a dependent on your parents' (or someone else's) return, you weren't required to file in 2007 if your income was under $5,350. If you weren't being claimed as a dependent by anyone else, you weren't required to file if your income was under $8,750. But if income tax were withheld from your earnings during the year, you should file a return in order to get a refund of that tax. If you didn't file a return in 2008 for a refund of your 2007 tax withheld, you still can file for that year.
When can my parents no longer claim me as a dependent?
There basically are three situations in which your parents can no longer claim you as a dependent. One, you're over the age of 19, aren't a student, provide over half of your own support, and live for half the year or more in your own place. Or two, you're anywhere between the ages of 19-25, are a student, provide over half of your own support, and live for half the year or more in your own place. Or three, your income is more than $3,650, you provide over half of your own support, and you haven't lived in your parents' home all year.
How old do you have to be to get a loan for college on your own in Missouri?
If you are still living at home while in college your parents income will be counted, so you have to be totally independent and NOT claimed on your parents taxes as a dependent. So, it isn't dependent on age, but income.
Is there an income requirement to qualify for FAFSA loans?
FAFSA has five types of federal loans available; most have income requirements, but not all. The loans that have income requirements are the Federal Perkins Loan and Subsidized Stafford Loans. The loans that do not have income requirements are PLUS loans (parents, or graduate and professional student), unsubsidized Stafford Loans, and consolidation loans. If a student is a dependent of their parents, the parents income will count towards meeting income requirements. Loans that are not income dependent do require good credit. http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
Is a dependent child who is a student required to pay taxes on monthly income they receive from their parents?
No. The money that your parents send you for educational and personal needs has already been subject to taxation.
Can someone with bad credit get student loans?
Student loans are decided upon the income of the student and their parents and also the college course for which they are applying. Debt is not normally considered so even someone with bad debt would possibly be able to get a student loan.
Would a low income full time college student be eligible for section 8 housing assistance?
A student can apply for Section 8 as long as they are at least 18 years of age. They will also have to prove their income.
What can be Sources of income in college life?
1. Student loans 2. Financial aid 3. Parents 4. Scholarships 5. Jobs 6. Campus helper
What percent of parents pay for child's college education?
"Today, the remainder of college payments come from student borrowing (18%), parent borrowing (9%), student income and savings (11%), and relatives and friends (5%)" (Adams, S., Forbes.com. accessed 1 May 2014)
What should you do if you need more money for college because your aid doesn't cover it and you don't have income and your parents have bad credit so you don't qualify for anything?
All of the college campuses have student aid centers. They are willing to help find ways for their students to pay for college. You might have to take out a student loan.
What is the average monthly income of a college student?
The average monthly income of a college student can vary widely depending on factors such as part-time job opportunities, financial aid, parental support, and personal savings. On average, college students typically earn around $500-$1,000 per month from part-time jobs or internships.
Do you file for taxes if you are a full-time student dependent on student loans?
Yes it is possible that as a full time student you would be required to file a 1040 federal income tax return
How can a college student on a low income make their own chairs?
A low-income college student can make their own chairs out of practically anything. Whether it be cardboard, styrofoam or even through the use of other objects laying around.
How do you get your kids college grades?
Ask your child for them. Let me ask you a question. Do you ever make an investment without seeing the return on investment? Probably not. Ask your child for a transcript. The student can easily obtain an unofficial transcript from the office of the registrar, but most colleges provide student access to their grades right online. The college I teach at does. Because of the privacy act, the college or university will not release any student information - even to parents - without the students consent. I believe there is a way around that, however I believe you would have to submit proof (income tax documentation) you are claiming the student as a dependent. You can ask the office of the registrar for what they would require. Thank You.
