If the student is under 24 at the end of the year or is totally and permanently disabled, there is no limit. But the student must not provide more than half of his/her own support. Money deposited in a savings account (for example) does not count as support.
Otherwise, the student's gross income cannot exceed $3500 and the taxpayer claiming the student on their return must provide at least half of the student's support.
For 2007, the child cannot have gross income of over $3,400.
Yes it is possible that as a full time student you would be required to file a 1040 federal income tax return
This depends on what your other income is besides your Social Security Income. Dependent on your filing status and other income your Social Security Income can very likely be partially taxable. Up to a maximum of 85% of your Social Security income can be taxable on your Federal Tax Return.
FAFSA has five types of federal loans available; most have income requirements, but not all. The loans that have income requirements are the Federal Perkins Loan and Subsidized Stafford Loans. The loans that do not have income requirements are PLUS loans (parents, or graduate and professional student), unsubsidized Stafford Loans, and consolidation loans. If a student is a dependent of their parents, the parents income will count towards meeting income requirements. Loans that are not income dependent do require good credit. http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
Isn't any minimum or maximum.
35%
If any income tax was withheld you may want to file your 1040 Federal income tax return to get a refund of some of the over held federal income taxes if you do not have any federal income tax liability. If a single taxpayer and NOT a dependent on another individuals income tax return for the year 2009 you could have up to 9350 of gross worldwide income from all sources before you would be required to file a federal 1040 income tax return.
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No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
No, it is a debt not income.
Yes.
If you are not delinquent with your student loan, your federal income tax refund will not be garnished.