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As a full-time student, you are not exempt from federal income taxes. The status of being a full-time student does not automatically exempt you from the obligation to pay federal income taxes.
Several factors determine whether you owe federal income taxes or must file a federal income tax return, including the amount of your earned and unearned income, whether you can be claimed as a dependent on another person’s tax return, your filing status, and your age. If your income is below the filing requirement for your age, filing status, and dependency status, and no other filing requirements apply, you do not owe federal taxes on your income and do not have to file a federal income tax return. However, even if you are not required to file, you may choose to do so if you are entitled to a refund of withheld income tax or estimated tax, or if you are eligible for a refundable credit.
For nonresident alien students, specific rules apply. If you are a nonresident alien student temporarily present in the United States on an "F," "J," "M," or "Q" visa, you are considered engaged in a trade or business in the United States and must file Form 1040NR or Form 1040NR-EZ, even if you have no income from that trade or business or if your income is exempt from U.S. tax under a treaty.
In summary, being a full-time student does not provide an exemption from federal income taxes. Your tax obligations depend on your income, filing status, and other factors.
Sources:
Publication 970 (2023)
Publication 929 (2021)
Publication 519 (2023)
Publication 590
Publication 571 (1/2024)
Publication 501 (2023)
