hey im kinda scared, I just got my first bank account.?

Question

I just got it like 5 mins ago and was talking to a friend and she said to me that I would have to do taxes.
I don't know how and my dad does that stuff. I dont trust him to handle my money or even know how much I have in the bank.

How does one go about doing taxes!? I also file for the fafsa soon, how do I go about doing both....life just got more complicated,but its okay because Im getting old and I have to have a bank account some time in my life.

They are due on april 15th right?
I got my first paycheck a week ago and am confused. Im going to deposit it in a little while.

when I signed stuff there was talk about perjury and the like,
I am an honest person, everything was true.

so um...yeah, explain please.

thanks!!
=D

life just got more complicated,but its okay because Im getting old and I have to have a bank account some time in my life, even if it is alittle scary....

Answer 1

Q1: Just because you have a bank account does not make you have to file income taxes. If you earn interest on the account, you would report it on your tax return if you are required to file.

Q2a: Tax Cut & Turbo Tax cost around $20 for the simplest version and if you efile, they usually cost another $15 or so do do so.

The free way in your case would be to go to Taxact-online.com. Here you can prepare your tax form and even e-file for free.

Q2b: Go to the FAFSA website and read! They walk you through how to complete. You can also get the printed forms and instructions at your local library.

Q3: You must file your taxes by April 15 or request an extension by April 15.

Finally, here is a piece copied from the IRS Publication 501 ( http://www.irs.gov/publications/p501/ar02.html#d0e562 )
which gives specific $ amount to determine if you are required to file a tax return:

"Single dependents— Were you either age 65 or older or blind?
□ No. You must file a return if any of the following apply.
Your unearned income was more than $800.

Your earned income was more than $5,000.

Your gross income was more than the larger of —

$800, or

Your earned income (up to $4,750) plus $250."

Unearned income would be interest, dividends or capital gains.

I hope this helps, taxes are scary to alot of people, but they don't have to be! Let me know if you need more information.

Answer 2

WHEW!
One thing at a time is what I'm going to suggest.

Don't worry about the bank account. The discussion of perjury is at the bank is not because they suspect you of lying....they are covering their butts just in case you may not have truthfully filled out your application.

Taxes.....wait until you get your first W2 sometime in Jan or Feb...then go to the Post Office and pick up the appropriate 1040 form for you....http://www.1040.com/ ....this website should have info and directions on how to properly fill out the forms and who and where to send it to (don't forget to file Federal taxes and State taxes)

Now FAFSA

You need to get on this right away so you can collect all the forms and information that you need to properly fill out the applications before the deadlines
.... here is their website....http://www.fafsa.ed.gov/....

I also suggest obtaining a pin to electronically sign your application or else you'll have to mail in or fax the app which will take it that much longer to get approved. Here's the link for a pin
....http://www.pin.ed.gov/PINWebApp/pinindex.jsp

Don't worry and don't procrastinate and things will be okay

Answer 3

It's okay really! You can do this! First, in January you will get a W2 form which summarizes your annual earnings at your place of employment. Keep this form and then purchase the Turbo Tax software. Have your Dad help you to file your taxes on-line. It's easy really. You don't need a calulator either. The software does everything for you. Just follow the directions. Next, to apply for federal aid go to the website and apply. You need to have your income tax info handy and then you just follow the directions. Good Luck! You can do it!

Answer 4

Opening a bank account has nothing to do with taxes. If you earn interest on the account, it would be included in income for tax purposes. Unless you have other income, you would need $850 in interest income before you are required to file a tax return. If your 'earned income' + your interest income are more than $5150, you would also have to file. In either case, you should be able to follow the instructions that come with the tax forms easily. You tax situation will be fairly simple.

As for the reference to perjury, it just means lying on the forms is the same as lying in court. As long as you didn't lie, you have nothing to worry about.

Answer 5

i think it's only if you make a certain amount in interest on that account. (i think it's something like $5000.00) if it's just a normal savings account/checking etc...no. usually, you would need to for a high interest savings account or certificates of deposit. those are usually opened with larger sums of money.

and if you work, then yes, you need to be filing taxes. you'll get a w-2 form from your place of employment, probably in january. if you want to attempt to do them yourself, you can. they will not be complicated for you since you're obviously young and you just have the job. (no house, children etc...right?) i think you can get forms from your local library during tax season. or...buy some tax software. basically, it will ask you questions, you fill in the info, print out the forms and mail the appropriate ones to the state and federal government. there's a copy for your records too. or...you could go to a tax attorney. that's probably not necessary, because, like i said, your taxes will not be complicated. you could go to H&R Block. i wouldn't recommend that, but it's an option.

Answer 6

Bank Accounts and Taxes...

Here's what you need to know. First off, you need to know whether you even need to file your income taxes. Chances are if you have a bank account -- but not a large income job, you aren't making enough money to warrent paying taxes and you don't need to do anything. If you are uncomfortable asking your dad... call the bank. You're a member there now... and they'll be more than happy to help.

Let's assume that somehow, you DO make enough money that you have to worry about taxes. Here's how it works. By law, every employer and financial institution (like your bank) has to send you a statement in the mail by Jan 31 that tells you how much money they paid you (W-2, 1099). Your bank also sends a statement saying how much interest you got. You pay tax on what you EARN... not what you have. Example: If you put $100 in the bank and you get 2% interest... then after a year, you will have EARNED $2 from the bank -- which is all you would have to pay taxes on -- not $102 which is what you have. As for the job, your income statement from them will tell you how much money they paid you... and how much money you have already paid out in taxes from what they gave you.

How does your employer know how much money to take out of your paycheck to cover taxes? When you start a job, your employer makes you fill out a W-4 form which says how much money they are going to withhold from your paycheck to cover the taxes. (If you didn't fill out a W-4 form, you may still get income but it will come in a 1099 form.) Based on your W-4 form, your employer sends the amount of money that was withheld to the IRS and the State.

Here's the deal with taxes -- you first calculate all the money you made (income calculation)... Based on the income, you calculate how much tax you need to pay... (the tax form will walk you step by step through this... ) Subtracting the amount of money that you have ALREADY paid (from W-2) from this amount gives you the balance of what you owe the government (or what they owe you in a refund). Simply fill out the forms -- attach your W-2 (you don't need to attach 1099s), and drop them in the mail to the right address. (NOTE: These days, you can even do this online if you want to... but I still like the paper route. If you go to the post office and mail it -- make sure you mail it with as a confirmation of delivery -- as that is PROOF that you filed your income taxes.) And yes... taxes are due by April 15th -- if you need more time, file an extension by April 15th.

In general, when you pay taxes, they go to 2 different folks: State Income Taxes (IL, CA, MD...) and Federal Income Taxes. In general, you can get the forms that you need to fill out at any post office. However, you can also download them from the internet if you so choose. For federal, you can get them from IRS. The state ones just do a YAHOO search for your state and tax -- you'll be directed the the Comptroller, or some other state website. They generally make tax information easy to find.

Don't worry too much if this is your first time doing taxes. IRS dosen't get uptight if you make an error. They do get uptight if you don't file. So, call IRS and ask them if you're not sure.

One more thing... if you decide you want to file your own income taxes. You need to make sure that your dad DOES NOT file you on his income taxes as a dependent -- which means, that you do need to talk to him about it.


As for FAFSA... I agree with most posts about getting this in early. You have to be a student to do this..., so I would presume that you should be able to get some nice tips on how to proceed from your school's student financial services group.

Answer 7

Well, I have been doing taxes for 3 1/2 yrs now. You really should be doin taxes if you have a job. I have my dad do my taxes on my own forms..he dont get any of it. It comes to me. It will come in a check in your name. Having a bank account isnt all that bad. I have one. It's not too bad trust me. And if you dont trust your dad to do your taxes take it to a tax place like H&R Block if you have one near you.

Answer 8

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Answer 9

in January you will get a w2's back from your employer and take that to a H&R block and they will help you with everything. if you just got your first check you proubally haven't even made enough money to even file your taxes.