Tax questions

April 14, 2000

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions in advance of the April 17 filing deadline.

I am a college student and I worked during 1999, but my employer did not withhold taxes. I'm filing the 1040 EZ and I find that I owe some money. Also, my parents claim me as a dependent. Is there any kind of a credit for a college student? People are telling me that college students are supposed to not pay on the first $6,000 of income.

There is no credit for college students, per se. There are credits for certain tuition payments; however, these would be available to you only if your parents did not claim you as a dependent. You will be able to shelter the first $4,300 of earned income, but after that, taxes may be due. Maryland has a higher minimum income threshold of $7,050 before you would owe any state tax. Consider having taxes withheld from your pay this year by filing a Form W-4 with your employer.

James K. Wilhelm, CPA, Jr., McLean, Koehler, Sparks & Hammond

The above advice is for general purposes only and is not intended as legal, accounting or tax advice. Specific situations may vary.

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