02/08/2024
Q: Do College Students Need to File a Tax Return?
A: It depends on their income and whether they had taxes withheld from their paychecks. Students who are single and earned more than the $13,850 standard deduction in 2023 are required to file an income tax return.
Q: Do Your Parents Claim You as a Dependent?
A: Whether or not you can be claimed as a dependent on your parents’ tax return is based on your age, student status and who is paying the bills. “Generally, a parent can claim you as a dependent until age 19, but if you are a full-time student, they can claim you as a dependent until age 24.”
FYI: If the parents claim the student as a dependent, they may be eligible to take the American opportunity credit for eligible college costs, including tuition, books and supplies in the first four years of postsecondary education.
The credit can be worth up to $2,500
College students may still want to file a return even if they aren’t required to do so. “If wages are less than ($13,850), the student should still consider filing to receive refunds from federal and state withholding taxes.
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