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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Will i have to pay in tax time?
Expert: John Kirk, CPA
Date: 8/16/2008
Subject: Will i have to pay in tax time?
Question
hi,
question- if i make Aprox 2,000 a month live by myself and goes to college full time will i have to pay in tax time, my sister said i would have too, she stated that i should just file exempt since students get two years tax free, now i love my sister but I'm not trying to get punished for following her advice but i also don't want to pay in rents is 880 as it is!
thanks.
Answer
Your sister is not correct in that you will need to pay approximately $2,000 for 2008 taxes. There is no student exemption from taxes. What she is probably referring to is the educational tax credit that has a maximum credit of $2,000 depending on your tuition and fees. See form 8863.
John Kirk, CPA
www.johnkirkcpa.com
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