The 2021 income campaign It is already here and the fact that you are a student does not absolve you from having to comply with the treasury or from being able to benefit your parents in their parents.
personal income tax for students It is not fundamentally different from any other citizen. There are issues that recur, such as whether it is mandatory or not, other age-specific matters, such as scholarships, and above all, the possibility of being able to do this with your parents. See Personal Income Tax Online Course
We’ll start with the basics and from there we’ll move on to the different keys to making a rental as a student.
Do I have to file an income tax return if I am a student?
The fact that you are a student does not exempt you from having to file your income tax return. Everyone who earns an income and earns money will likely have to do so. The key is in the origin and amount of that income. and that is There are incomes that should not be included in personal income tax Such as some scholarships or compensation, to give two examples.
to me taxable incomethey are the majority, There are a number of limits That if they are crossed, they will force you to pay rent even if they are students. These are the four most important:
Plus €22,000 in single-payer employment income. In other words, if you have worked for a company and earned more than 22,000 euros annually.
More than 14,000 euros of employment income if you have more than one payer and you receive more than 1,500 euros from a second and subsequent payer. This happens if you are an intern at a company and you have another job in the summer or weekend. For income purposes, unemployment is also an additional motive.
– If you earned more than 1,600 euros by investing in stocks or in an online game in total, give two examples. Cryptocurrencies are also included here, as long as you sell or exchange cryptocurrency.
If you have earned more than 1,000 euros as a freelance or self-employed worker.
If you do not exceed these numbers, you will not be obligated to pay rent, although this does not mean that it cannot benefit you.
Can I pay rent with my parents?
parents They can pay rent jointly with their children until they are 25 years old Provided that the income of the descendant does not exceed 8000 euros.
If your income does not exceed this amount, the most natural thing is that it compensates you for an act family rent. The little the Treasury will return to you will not amount to your parents’ tax savings from paying rent with you.
If you rent outside the home while studyingYou will also be able to continue paying rent with your parents, since it is understood that you are dependent on them and that you are part of the family unit.
>> You may be interested in: Financial Accounting Courses.
Can your parents deduct your rent?
In 2021 income, only rentals prior to 2015 can deduct taxes and you will do so for the tenant only. Of course, the Treasury also allows you to deduct rent extensions before that date, even if the terms of the contract have changed or a new contract has to be signed on the same home.
In any case, remember that if you deduct the rent, you will not be able to rent with your parents.
For their part, your parents will not be able to deduct housing as tuition fees. Furthermore, deductions for studies are generally not included in personal income tax. There are societies that have discounts for training, but in most cases they focus on high school, not university.
An example is the Canary Islands, where 1,500 euros are deducted for each child under the age of 25 who attends higher education outside the island.
There is an exemption limit for scholarships.
Do I have to pay taxes on my scholarship?
As a general rule, scholarships and grants are taxed on the income statement and you do so as an increase in assets. Fortunately, there is a limit to the exemption for scholarships. Specifically, the maximum scholarship for undergraduate studies is 6000€ per year for studies in Spain and 21000€ abroad.
To these amounts are added scholarships to pay for transportation and accommodation costs. The amount exempted from paying rent for students is 18,000 euros in Spain and 24,600 euros abroad.
Here you can get more information about When are scholarships included in income.
Do I have to pay for training?
Academic training is not taxed in personal income tax. That is, you do not have to include it in the income statement. Of course, this advantage applies only to practices of an academic nature.
Conversely Internship. If you are a corporate apprentice and they pay you for it, this money will be added to your income statement to calculate how much you earned and see if you can pay rent with your parents or if you are required to file an IRPF as a student.
In addition, this work as an apprentice is equivalent to a regular job. For you to understand better, it will be another motive for the purpose of counting the number of motives you have.
If I ask about the draft, will I stick to the ad?
This is one of the Frequently asked questions by students facing personal income tax For the first time and one of the most widespread tax myths. Nothing is further from reality. An income draft request does not obligate you to submit an IRPF. In fact, it’s a good idea to do this if you have income, even if it’s just to see what financial statements the Treasury has recorded.
In the same way, making a lease last year will not make you have to do it this year. Each fiscal year is completely independent of the following in this respect.
Plus, the Treasury won’t make you specifically monitor for your draft order or monetization in the previous year. For this reason, try to ask for your details if you have an income and thus start figuring out what will be one of your annual obligations.