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There is one rumor I battle each and every year. I do so wish I could get the word out
Students are not exempt from filing and or paying income taxes. Students use exactly
the same rules about filing and paying as the rest of us. Students can get grants and
scholarships, which may or may not be taxable, but that is a whole different matter.
If you did not have a tax liability last year and do not expect to owe any taxes this
year, you should select exempt when filling out a W-4. Those are those only ones who
should. That is it! No one else. Exempt status is available to all filers who meet these
guidelines.
The consequences can be a balance due and if high enough even penalties for failure to
pay.
Students are not exempt from filing and or paying income taxes. Students use exactly
the same rules about filing and paying as the rest of us. Students can get grants and
scholarships, which may or may not be taxable, but that is a whole different matter.
If you did not have a tax liability last year and do not expect to owe any taxes this
year, you should select exempt when filling out a W-4. Those are those only ones who
should. That is it! No one else. Exempt status is available to all filers who meet these
guidelines.
The consequences can be a balance due and if high enough even penalties for failure to
pay.