Can you claim the EITC if you are a college student?

According to the Internal Revenue Service, around twenty-five million taxpayers can claim the Earned Income Tax Credit. Those with an earned income under $63,398 can claim the benefit, but other requirements make it unlikely that an unmarried college student in their late teens or early twenties would be eligible. The easiest way to see if you qualify to claim the credit is by using the EITC Assistant.

Many college students self-fund their education by working while they advance towards their degree. Like other workers, students who earn an income must submit a tax return to the IRS by Monday, 15 April. If you are interested in submitting a request for an extension, you should be aware that it only extends the filing deadline to 15 October, not any monies owed to the IRS. The request can be submitted using IRS Free File.

The situation for college students

For some, the Earned Income Tax Credit may be one way to lower their tax bill. If you earn under $63,398 a year and hold less than $11,000 in investment income, you may be able to claim it. However, there are a few eligibility requirements to ensure the credit goes to low-income families, who, in most cases, are in the care of dependents, which leads many college students to be excluded. Most notably, if you are claimed as a dependent on another filer’s return, you cannot claim the tax credit unless you are in the care of a dependent.

What about college students who are married?

College students who are married and filing jointly without children may be eligible, but at least one member of the couple must be between the ages of 25 and 65. However, if this case applies to you, your annual gross income cannot exceed $24,209. This income limit increases with the number of dependents claimed on the return.