Oct 25, · If your modified adjusted income is less than $80, when filing singly or $, if filing jointly, you might be able claim a deduction for paying interest on your student loan. If you qualify, you can reduce up to $2, of your income that is subject to tax. November 23, The Internal Revenue Service allows taxpayers to claim qualified adults as dependents and gives you an extra dependent exemption. In , one exemption subtracted $3, from your taxable income. You have to provide more than 50 percent of the person's support to claim an adult dependent.
Claiming an Adult Child as a Dependent At one time, one of the biggest incentives for claiming dependents was the personal exemption, which gave $4, for each taxpayer, spouse and dependent. Students and Income Taxes Income Tax Return Filing Requirements For Students. Student Income Taxes - Class Income and age determine whether a person has to or should e-file a tax return more than job title or education status as a student. We spare you from reading over all the detail tax factors that stipulate if you should or should not prepare and file a return.
Jan 25, · A tax credit reduces any tax you owe dollar for dollar, and some credits are even "refundable"--meaning you can get money back even if you didn't pay any taxes. If a college student paid more than Author: Ashlea Ebeling. Find out if you can claim a deduction for your adult basic education, whether primary or secondary level education, or certain other forms of training. Line – Interest paid on your student loans Find out if you can claim the interest paid on your student loans for post-secondary education, and how to claim it.