On my college site, it says that money earned from Work study is not counted toward income ?

Question

for subsequent year. my question is that so with that said do i have to file tax return the following year. or if i don't file it will i get into trouble.

Answer 1

FWS is not counted as income in relation to Financial Aid.  The IRS has specific filing requirements for everyone.  You may not be required to file a return based on how much work study money you earn within one calendar year.

Check the IRS website for specific requirements.

Answer 2

you have to file your taxes every year no matter if its a work study job but If you don't have to face with the IRS people

Answer 3

There is a minimum amount of money you have to earn to be REQUIRED to file a tax return.  If Work Study is the only job you have, you might fall into that category.  

However, Work Study is a regular job and taxes will be withheld from it and you will get a W-2 form like everyone else who works in the US.  All the taxes withheld will go to the IRS and if you don't file taxes... you are just GIVING it to them.  You won't get into trouble for that.  lol

Answer 4

You have to file your tax return, but you should get the tax back. When you apply for financial aid, it won't get counted as income (as long as it's not more than the amount of money on your work-study part of your financial aid letter).

Ex. If you're financial aid letter gives you $2100 for work-study and you make $2200, the other $100 would be taxable, but the rest wouldn't be taxed and won't count as income for financial aid purposes.