*Loan,banking and credit>>>income tax

FAFSA HELP: Will my year's $1850 of WORK-STUDY income be taxed this year?

And how do I know what my exemptions are for the year?

it depends on whether or not you are required to file an income tax return. if you are required to file a return, then yes, all of your income (regardless of what kind) would be taxable. check www.irs.gov to see if you are required to file taxes. if the only income you have is this $1850, then it's more than likely you're not required to file taxes. but i'm not a tax expert, so check the irs website.

your exemptions are described on the tax form you'll fill out, if you're required. if you're not married and you don't have kids, more than likely you'll just list 1 exemption (yourself).

NO! Because work-study is granted to you by the government to pay for school. It is non-taxable. It falls under the same category as stafford loans and grants.
Is that your only income? If it is you are not required to file taxes on such a small amount. Next question - did you have taxes withdrawn from it? Some students do (I did as I worked a summer job and was going to need to file taxes anyways), some do not. If you had anything withdrawn you want to file taxes because the money has already been taxed, you recieved less in the check than you earned for the week, and you may be eligible to receive all the money you paid in back. Now when you file your FAFSA if you do have to file taxes you want to put the amount that was taxed on worksheet C of your FAFSA so that that section of income does not count against you for grants and additional workstudy money. If you did not file taxes or filed but did not include workstudy money for what ever reason do not include workstudy funds on worksheet C because that would be considered fraud.