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I am a student who recieves financial aid. the total for the year was roughly 7000. secondly I worked a little over the summer and probably earned about 1500. Do I have to pay taxes?

2007-01-30 14:38:33 · 3 answers · asked by master4g 2 in Business & Finance Taxes Other - Taxes

3 answers

You don't have to pay taxes on the loan and you are not required to file if you make less than $3,300. You may want to file so that you can get a refund of any taxes that were withheld and any credits you may be eligible for. If you are over 25 you may be eligible for Earned Income Credit. There is a telephone tax credit of $30-$50 if you have had telephone service in your name since 2003. Since you are in school there is also the Hope and Lifetime Learning Credits, but I don't know if those are refundable. Also, some states have a property tax credit which you may be eligible for if you are paying rent.

I know someone who had no income last year and is am getting $100 back from the government for the telephone and property credits.

Order IRS publication 17 and look through that to see what credits you are eligible for.

2007-01-31 01:38:29 · answer #1 · answered by Gypsy Girl 7 · 0 0

Yes, you will have to pay taxes in some way or another. I work part-time making 6.50 and am a student and they have to take something out of my paycheck even if its 5 dollars.

2007-01-30 14:45:22 · answer #2 · answered by Josh 1 · 0 0

It depends on what type of financial aid you got. Loans don't count, grants sometimes count sometimes not, work study jobs probably would.

2007-01-30 14:52:13 · answer #3 · answered by Judy 7 · 0 0

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