Do college students have to file tax returns?
Unless they are classed as a dependent then students need to file taxes just like any other adult.
The answer to this question is much more difficult than a simple yes or no. There are so many factors, questions of dependency, salary, taxes withheld, and a multitude more that make it a confusing thing to tackle.
Firstly, how much did you earn last year?
Everyone must file a federal tax return if they make over a certain amount of income. To find out if you have to file taxes, you’ll need to know your Earned Income, which includes job wages as well as taxable scholarships couple with Gross Income: any other payments like dividends on investments.
Attending a trade school or college? #IRS urges you to learn about the tax benefits available to students: https://t.co/TfPnkdPp7y pic.twitter.com/hG9DUN6HN9
— IRSnews (@IRSnews) January 3, 2023
Single students under 65 generally must file taxes if their gross income was at least $13,850.
Second, are you someone’s dependent?
A parent can claim you as a dependent on their tax return if you are under 19 or under 24 and a full-time student for at least five months of the year. The student in question cannot provide half of their own support. College student loans count as support by the person responsible for the loan repayment.
An advantage of being listed as a dependent is that you do not file your own taxes and there are financial benefits for the parent or guardian, such as the California Earned Income Tax Credit.
If you have any dependents yourself then you cannot be someone elses dependent and must file your taxes udner head of household.
.@SenSanders: "We can afford to give massive tax breaks to the billionaire class. [...] We're living in a country where hundreds of thousands of bright young people who have the desire to get a higher education, they can't do that because of the cost of college." pic.twitter.com/JqI7NwOSKI
— The Hill (@thehill) January 3, 2023
The IRS has published full information regarding all of the different permutations of taxation and students.