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Would a student who is a dependent of his parents pay more income tax?
Wiki User
∙ 11y ago
Because he earns more than the standard deduction and doesn't get to claim his own exemption (a deduction for being self supporting, something you'll get once you're on your own).
Wiki User
∙ 11y ago
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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
When applying for a student loan are you an independent since your grandmother claimed you on taxes?
If you were claimed by your grandmother on her income taxes that would classify you as a dependent.
If your parents make too much would getting married help you get better student loans?
Getting married does make you independent of your parents income, however you need to consider your income as well as the income of your future spouse.
You were a full time student in 2008 and 2009 with no earned income can you still file for the American opportunity credit?
As a dependent on another taxpayers income tax return you would not be qualified to claim the education benefits.
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 17 year old file a tax return?
Generally, they are claimed as a dependent and included with their parents. However, if that isn't the case, and they made income, they would need and want to. See the q; How much income do you have to earn before you file income tax
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.
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.
Are nineteen years old single and a full-time student Is Janice eligible for the making work pay credit on her tax return?
NO a dependent on another taxpayers income tax return would NOT qualify for the MWPTC on her income tax return.
Should a 17-year-old student who lives at home file taxes on his own or with his parents?
Under tax law, as a student living at home, you are your parents' dependent for income tax purposes regardless of your income. Therefore, you are their dependent and they will get that exemption. You, however, can file your tax return and, assuming you have earned income (from a job) that you had income taxes withheld on, you will receive a refund. If you made less than the standard deduction for a single person, you will get all of your taxes withheld refunded to you. You must file a return if you had over just the minimum amount of income, regardless of your age. Read the discussions on that topic - who must file - here or at IRS.gov. Regardless of it you must, generally, especially if you have a very small income, even if it isn't required for you to file, it will be beneficial, so you should. (And obviously if you worked and received a W-2 so you had tax or such withheld, you want to file to get the refund!) If you are claimed as a dependent by someone else, you cannot claim the exemption for yourself too. And in fact, then the others (who presumably have a higher tax bracket than you), will probably have to pay (or you would have to pay) at the higher bracket.
Do student grants have to be reported on income taxes?
ususally that would be no as financial aid is not considered taxable income
Who's income would you use when filing out a federal student aid form when your parents live together but are not married and filed a separated income tax?
The person that claimed you as a dependant on their tax return. Legally you can't be listed on both of their returns.
