Q: I'm a student -- how much can I make before I have to file taxes?
A:
The answer is simple. Under the new tax code you no longer receive a personal exemption. However, the good news is your standard deduction went from $6,300 to $12,000.
If you have no other deductions then you can earn $12,000 and pay no taxes. However, if you are in the 25% tax bracket and you pay college tuition you may be able to earn another $10,000.
The college tuition tax credit can offset up to $2,500 in taxes allowing you to earn another $10,000 in income with no tax. (assume 25% tax bracket)
Depending on your particular circumstances you might be able to earn $22,000 and pay zero taxes to the IRS>
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