Can full time students get tax cuts?

Question

Can you get any tax cuts if you're a full time student in the US?

Answer 1

That depends on many factors. If you are like most students, you have little or no income and therefore are not subject to hardly any tax-liability in the first place. The standard deduction would likely be greater than any itemized deduction you could o come up with. You can't get a cut when there is nothing to cut.

Your education expenses will likely not provide you with any tax benefit. Educational expenses that qualify you for a trade or business are not deductible. As a full-time student, your expense are not likely deductible.

You may receive some benefit under the Hope Scholarship Credit. You should check out the IRS site for details.

Answer 2

There are conditions and certain types of income that a student may have that is taxable. However, there is a possibility that you may not have to pay taxes at all. Here is all the information you need to know about taxes as a full time student in the US.

http://www.irs.gov/individuals/students/index.html

Answer 3

You are entitled to the same deductions and credits as anyone else in your same situation who was NOT a student. Being a student doesn't knock you out of being able to claim deductions, but doesn't give you any special ones either except for education credits if you are not a dependent.