[user2400]

Hello,

As a F1 Student on CPT, what is the Yearly Income limit beyond which I cannot claim tax refunds?

And what is the difference between standard deductions and itemized deductions?

Thank you.

[AtlantaTaxExpert]

There is NO Yearly Income limit. You can make $1 million dollars a year and still claim a refund on the amount you paid OVER your tax obligation.

The standard deduction is a set amount that all U.S. citizens and resident aliens can claim on their tax return. For 2007, it will be $5,300 for singles and $10,600 for married couples filing jointly.

The itemized deductions are a list of deductions that are listed (or itemized) on Schedule A. They include:

- Medical expenses that exceed 7.5% of your adjusted gross income.
- Certain taxes paid (state income taxes, real estate taxes, personal property taxes).
- Mortgage interest paid on your primary and secondary home.
- Donations to charity (both in cash and non-cash items).
- Other miscellaneous deductions.

To claim itemized deductions, the total of the items noted above must EXCEED the standard deduction.