Please read below; I have a tax question.?

Question

Hello. If I am a student attending a full time university, and my income is less than 500 dollars a year, and I make $2000 a year in interest income , what will I have to pay in taxes, if any. Thanks

Answer 1

I assume you are over 18 and a dependent on someone's tax return. With the income information you provided, your standard deduction is $850. Your gross income is $2,500. Your are required to file a tax return. Your taxable income is $1,650.

If you have no other adjustments or credits, you will owe about $165 in income tax.

Answer 2

Assuming you are in the United States. If not, I don't know.

There are really a lot of issues here and without knowing your situation fully, nobody here will give you a complete answer. If you are a dependent, it changes everything. I believe you are a dependent until age 23 (at least for student loan purposes) unless in the military, orphaned, or married. I may have the age or conditions wrong...regardless if your parents pay for more than 50% of your expenses, they can claim you as a dependent.

If you are under 18, your interest income can be taxed at your parents level (which means you could be taxed up to $600 or so). If you are over 18, you will be taxed at a low level, probably somewhere between $0 and $200.

You really should consult a professional for accurate answers. Alternatively, when it comes tax prep time, you
probably qualify to use the "free" tax prep services out there. You can find them on the IRS' website.

Answer 3

Since your unearned income exceeds $850 you will have to file a return. You probably won't owe any tax, but you will have to file.

Answer 4

You would owe nothing, but you should file a return.

Answer 5

if you are under your parent's roof/house they can claim you and give you that money. Good luck