I am a full-time student at an accredited College. I'm also a Licensed Minister in the Church. I have 90% of my church and school related reciepts, including gas, meals, and a $130 calculator. I still live in my parents house, although they do not support me financially. I have been told, as a student I can get all my state and fed back…but I don't know…I need all i can get though. please help
You do not get any special tax breaks as a student except that you may qualify for the Hope or Lifetime earning credit if you have enough income to generate a tax liability. If you are receiving compensation for ministerial services you should qualify for a parsonage allowance exclusion. A minister's housing allowance is not subject to income tax but is subject to Self-employment tax unless you have opted out.
January 23rd, 2008 at 12:09 pm
This should be answered by some tax expert. If you have H & R Block company close by, they can help you and file your tax forms for you at a reasonable cost. Good luck.
References :
January 23rd, 2008 at 12:10 pm
You should "claim" yourself lucky to be living in your parents house and "file" a thank you card for them =)
Seriously, you need to be asking someone who knows a little more about your complete financial picture, ie: age, dependats, etc, etc…
References :
January 23rd, 2008 at 12:31 pm
You do not get any special tax breaks as a student except that you may qualify for the Hope or Lifetime earning credit if you have enough income to generate a tax liability. If you are receiving compensation for ministerial services you should qualify for a parsonage allowance exclusion. A minister's housing allowance is not subject to income tax but is subject to Self-employment tax unless you have opted out.
References :
http://www.irs.gov/pub/irs-pdf/p517.pdf