Does students also need to pay Income Tax?

Answer 1

Yes. However, most students don't make that much money, so they are usually given a full refund (and if they qualify, they may receive more than a full refund).

Answer 2

A student would have to pay taxes if they made over $400 in a year. If they are a college student, they would have to pay taxes on scholarships and other award money that is designated for room and board because it's considered gross income (money for tuition and fees is not).
There are two tax credits you can take: the HOPE credit and the Lifetime Learning Credit. The HOPE credit is 100% of the first $1000 and 50% of the next $1000 for a total of $1500 (remember, this is for tuition and fees only). This is good for the first two years of college education.
The Lifetime Learning Credit is 20% of tuition and fees up to $10,000 ($2000 total credit). This applies to both part time and full time students.
BE CAREFUL!!! If you make between $42k - $52k, the credits are phased out, which means you have to do some calculations to see just how much you can claim. Also, if you are claimed as a dependent on someone else's return, you can't take the credits - they can.

Answer 3

Every person, who meet certain criteria, is required to pay taxes, no matter how old or young. The criteria simply being how much income the person has in a particular year.

So, the fact that you are a student does not exempt you from paying taxes (US, that is). You are, however, entitled to several tax credits because of your student status. (education credit, hope and lifetime learning credit, student loan interest deduction, etc).

Since every taxpayer is entitled to a 'personal exemption' and a 'standard deduction', if your income is greater than these two deductions in a year, then you will have to file a tax return.

Answer 4

I'm also wondering if you are referring to paying or filing. It makes a difference if you are strictly a student or employed anywhere, if you are claimed as a dependent on your parents income tax return, what kind of financial aid that you receive (Pell Grants and student loans are not subject to taxation).

If you have any real questions about money received from school, the financial aid office should know if it is taxable or not (I would hope...they are handling federal dollars...I would hope someone in the office had SOME knowledge).

Answer 5

if they are earning and are providing more then 50 % for themselves, then of course they have to
and its good in a way though, cuz you will get most of the money taken away from you back, and if you are paying for your tuition then you will get education credits as well...

Answer 6

yes if you make over the minimum, but there are usually enough deductions for you to get it all back.

Answer 7

You need to learn Grammar!!!!

Answer 8

No they do not in NY.