What kind of tax refunds can I get for being a full-time, undergraduate student, in a degree-seeking program?

Question

I am a college sophomore working a part-time internship for which federal and state taxes are being withheld. As a full-time student, is there any kind of refund I can claim on my W-2 so that I can get some of that money back because I am a student. By full time I mean that I pay tuition, live on campus, pay for books etc. Is there any kind of tax refund for students? I have tried the IRS website but can't find anything so if there is any website or service you can refer me to, that would be really helpful

Answer 1

This is the IRS publication for 2007 Higher Education expenses.  The Hope Credit and the Lifetime learning Credit are something you might be able to take.. but be aware, they are "credits" deducted from the taxes you would normally pay.  Not actually cash you can get back.  Also, if you don't earn much money you will have very little taxes to pay so these credits don't always do you much good.

If you took out student loans you can deduct your interest you pay... of course this won't kick in until you actually start paying on your loan.

Answer 2

There is no tax refund/deducation for being a student in college. It is all based on what your income is. When you graduate and have a job you can deduct some college expenses for education needed for your job (like teaching).