Which tax bracket is most suitable for me as a student?
February 14, 2023 | 40,00 EUR | answered by Babette Schneider
Dear tax advisor,
My name is Greta Krause and I am currently a student in the final year of my studies. I work part-time in a mini job to finance my studies. So far, I have been classified in tax class I, as I have no children and am single. However, I have heard that there are other tax classes available for students that may be more advantageous.
I am concerned that I may be paying too much taxes due to being in the wrong tax class and may have to make a high repayment at the end of the year. Additionally, I am wondering if it would be worth it to choose a different tax class to possibly take advantage of tax benefits.
Could you please explain to me which tax class would be most suitable for me as a student? What requirements do I need to meet to be classified in a different tax class? Are there any special regulations or benefits for students that I could take advantage of?
Thank you in advance for your help and advice.
Sincerely,
Greta Krause
Dear Mrs. Krause,
Thank you for your inquiry regarding tax classes as a student. As a tax advisor, I would like to assist you and provide you with some information on this topic.
Generally, students are usually classified in tax class I if they are single and have no children. This tax class is the standard class for employees without any special tax characteristics. However, there are also certain regulations and opportunities for students to potentially benefit from tax advantages.
One possible alternative to tax class I is tax class VI. This tax class is often used for second jobs or side jobs. If you have a part-time job alongside your studies, you may be able to benefit from this tax class. A higher tax rate is applied in tax class VI, as the employer cannot consider any tax-free allowances. However, you can reclaim any overpaid taxes through the annual tax return.
You also have the option to register with your employer for tax class I with factor. Through this factor, you can already benefit from tax advantages during the year without having to make a high repayment later on. This could be particularly interesting for students who work throughout the year.
As a student, you may also be able to take advantage of certain benefits, such as the education and research allowance. This allowance allows you to deduct expenses for your studies from your taxes. Additionally, you may also be able to deduct certain expenses, such as travel costs to university or academic literature.
To choose a different tax class or take advantage of certain benefits, it is best to contact your employer or a tax advisor. Together, you can determine which options are most beneficial for you and how to optimize your tax situation.
I hope that this information has been helpful to you. If you have any further questions, I am at your disposal.
Best regards,
Babette Schneider
