I am a student, and in the USA, full time college students are given pretty generous tax breaks. Now what if a college student hit the powerball? If they were to take the lump sum, would they be responsible for much less tax than someone who is not a full time college student?
What if a student won the powerball? Taxes?
It doesn't matter what your status as a student is -- you pay taxes on those things and if you take a lump sum, you still have to pay taxes. IRS won't give tax breaks to lottery winners.
Frankly, if I ever won Powerball, I'd not be a student anymore -- I'd quit school and start living.
Reply:The only tax breaks for college students are deductions for tuition, the hope credit, and the lifetime learning credit.
If a full-time college student pays little or no taxes, it is because he doesn't earn very much money. If that same student were to win the powerball, he would pay the same taxes as anyone else.
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