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This allows a person who is under age 22 and regularly attending school to exclude up to $1,340 of earned income per month:
The maximum annual exclusion is $5,410 (2003 figures). These amounts are adjusted annually for inflation. The person must be taking classes at a college or university for at least 8 hours per week, or at a high school for at least 12 hours per week. This exclusion is applied before the general income and earned income exclusions mentioned above.