I have been claiming exempt since I was like 15, I am 19 now, I have been claiming exempt, how much longer can I claim exempt for? Til im done with college?
2006-10-14 12:27:36 · 7 answers · asked by m1ndless 1 in Politics & Government ➔ Law & Ethics
You still have to pay taxes if you are earning money. The big question is who gets to claim you as a dependant. If you are living at home, then chances are, your parents will be claiming you as a dependant, which may increase the amount you wind up paying. If you can claim yourself as a dependant, it will lower your taxes (or even increase you r refund). Also, if you have any children and are not earning a very large check, you ay qualify for earned income credit.
The best thing to do if you are unsure of your tax liabilities is to have your taxes done by some place like H&R Block. Not only will they point out any deductions that you can take, but it also puts the responsility of preparing your taxes properly onto them instead of you. I wouldn't recommend doing it every year because their prices are a ripoff, but if you do it once or twice, it might clear up a lot of questions you have regarding your taxes.
2006-10-14 12:41:37 · answer #1 · answered by Wasting Time 2 · 0⤊ 0⤋
If your income exceeds the total of you standard deduction and personal exemption, you are required to file a tax return. The amount of your standard deduction and your ability to claim a personal exemption depend on if your parents are able to claim you as a dependent. You age and residence do not make a difference.
2006-10-14 13:58:14 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
you may pay income taxes on the income your incomes so no you will no longer be able to declare exempt. even nonetheless your residing with your mothers and dads, in the journey that your working, you may pay taxes too.
2016-12-13 08:19:40 · answer #3 · answered by lesniewski 4 · 0⤊ 0⤋
Depends on your income
2006-10-14 12:41:19 · answer #4 · answered by Anonymous · 1⤊ 0⤋
That depends on how much your income is. If you make $100,000 per year, yep.
Check out www.IRS.gov
2006-10-14 14:43:46 · answer #5 · answered by Harvie Ruth 5 · 0⤊ 0⤋
if you have a job are getting a check then yes you do
2006-10-14 13:04:50 · answer #6 · answered by Carol R 1 · 0⤊ 0⤋
If you earn money, you pay taxes. If not, you don't.
2006-10-14 12:34:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋