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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

The author is paid for product endorsements and has an ownership or other financial interest in the businesses related to the topics covered.

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Are students exempt from income tax?

originally posted: 11/22/2006  reposted: 8/15/2011

Q: Are students exempt from filing federal income tax returns?

A: No; everyone who has income above a certain amount is required to file a federal income tax return, even if no income tax is due. Most students do not earn enough to have any federal income tax payable and therefore many students file a return specifically with the intention of receiving a refund of any income taxes that were withheld from a paycheck. Most students can file an income tax return online at no cost and receive a refund for any taxes that might have been withheld.

Students may be required to file a tax return to claim a refund of income taxes withheld.

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