Can full time students get tax cuts?
Can you get any tax cuts if you're a full time student in the US?
- 1 decade agoFavorite Answer
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.
- 1 decade ago
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.
- JudyLv 71 decade ago
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.