The only income I had was interest income (savings account) I didn't work
2007-01-23 05:28:54 · 14 answers · asked by inkodye 1 in Business & Finance ➔ Taxes ➔ United States
No. Prisoners of War are exempt from paying income taxes. Interesting. John McCain (bless his heart) is running for President and has been a Senator for years and he doesn't have to pay taxes. But he votes on ours.....but I digress. Actually, whether or not you pay taxes will have to depend on how much interest you earned. If all you have is a savings account, which I doubt earns any more than about 1% to 1.5% interest, then in all liklihood, all you will need to do is file, but you won't owe anything. Check with your local and state income tax offices, and you may contact the IRS at the following:
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Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time). When calling, you may ask questions to help you prepare your tax return, or ask about a notice you have received.
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2007-01-23 05:36:38 · answer #1 · answered by steven_p_ohio 3 · 0⤊ 2⤋
You are not exempt because you are a student. You may not have to file a return at all if your income is low enough, but your bank should send you and the IRS a form 1099i that reports your interest earnings. To be safe you may want to fill out and file a Form 1040 EZ which will report the income and also show that you owe no taxes. It's really simple to do. Just down load it from IRS.gov and follow the instruction carefully.
2007-01-23 05:38:54 · answer #2 · answered by Ovrtaxed 4 · 0⤊ 0⤋
The answer is no, you are not exempt.
But you probably also do not owe tax and will not need to file a return, except in some special cases.
The combination of personal exemption and standard deduction for a single person is $8,450. So unless you have more income than that, you won't even need to file (except to get any withholding refunded.)
If however you are under 18 and somehow are still eligible to be claimed as a dependent on your parent's taxes, then there may be some rules (designed to keep your parents from hiding their income as yours) that still extend over you.
Unfortunately you may need to dig through the IRS web site, or at least have your parents (or yourself) consult a tax professional to be sure.
2007-01-23 05:42:15 · answer #3 · answered by David E 4 · 0⤊ 0⤋
No. It used to be the case that full time students were exempt, but they changed those laws many years ago. You shouldn't worry about it though, like others have said, your income is surely less than your personal exemption, so you probably won't have to pay a dime unless you pay a service to file them.
2007-01-23 05:45:53 · answer #4 · answered by HaphazardJoy 4 · 0⤊ 0⤋
Full time students pay taxes like everyone else. The income on your savings account is taxable but only after a certian dollar amount and after allowable deductions.
2007-01-23 05:37:42 · answer #5 · answered by deno 3 · 0⤊ 0⤋
No, students have the same rules as anyone else. But depending on how much your interest income was, and whether you're a dependent or not, you might or might not have to file.
2007-01-23 17:03:15 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
All interest income over $1500 is taxable. I doubt you made that much on savings account interest.
2007-01-23 05:38:10 · answer #7 · answered by Anonymous · 0⤊ 0⤋
you arent exempt just because you are a student.
but it sounds like you didnt earn enough income last year to pay any taxes (unless you made more than $5,000 in interest!)
2007-01-23 05:33:06 · answer #8 · answered by 02B30C1 2 · 0⤊ 0⤋
From a lawyer. Students full time or otherwise are not exempt from anything. Sorry.
2007-01-23 05:32:10 · answer #9 · answered by Larry62 5 · 0⤊ 0⤋
No, I'm sure your interest income wasn't that much.
2007-01-23 05:31:50 · answer #10 · answered by be happier own a pitbull 6 · 0⤊ 0⤋