FAQs: General Questions
Is college tuition tax deductible?
As of 2021, you can no longer deduct tuition and fees from your taxable income. However, if you paid tuition or other qualified educational expenses, you may qualify for a student tax credit. Complete Form 8863 to calculate and claim your credits.
Do students have to file a tax return?
College students must file a tax return if they made over a certain income. That income threshold depends on multiple factors, including if you are a dependent or married. Generally, if you’re a single student who made more than $12,550, you will have to file a tax return.
If you received a W-2 from an employer that shows a federal tax withholding, you might want to file taxes even if you didn’t make much money. You could get a refund check.
Can my parents claim me as a dependent?
Your parents can typically claim you as a dependent if:
- You’re under 19.
- You’re under 24 and a full-time student.
- You don’t have any dependents yourself.
- They provide more than half of your financial support outside of any scholarships you’ve earned.
Should I file my own tax return as a student?
Generally, if you made more than $12,550, you need to file your own tax return. But that number differs for married students, the head of a household, or those over 65.
Also, if you didn’t make that much money, you don’t have to file a return, but you might want to. Let’s say you worked a job that withheld federal taxes from your paycheck. In that case, you may want to file a tax return because you could get refunded some of what you paid throughout the year.
Do you have to file taxes on student loans?
You cannot deduct the entire amount of your student loan payments from your taxes. However, you can deduct the interest you pay on student loans — up to $2,500 — if you make less than $85,000 a year.
When you file your taxes, complete Form 1098-E from your loan servicer to claim this deduction.