In other words I claimed zero on my w-4 and when I get my w-2 form back in january will I be able to get some of that money back even though my parents claim me because I live with them?? I have had this job for 10 mos. and it is a considerably large amount of money. I just would like to know if I would be able to get some of the tax money back.
2006-12-12 10:43:42 · 8 answers · asked by Bald Eagle Lover 4 in Business & Finance ➔ Taxes ➔ United States
Yes you can file a return to get some of your federal with holding back. You would file on a form 1040EZ. Make sure that you mark on there that someone else can claim you. You cannot claim yourself and take your own exemption.
2006-12-15 02:29:17 · answer #1 · answered by D.M. C 2 · 0⤊ 0⤋
You are entitled to your standard deduction. Sounds to me like you will be getting a refund.
I don't blame your parents for claiming you if you live at home; its a small benefit to them for the huge expense of providing you with food & shelter. Where this will be a problem for you down the road is when you move out on your own and apply for student loans or other financial assistance -- the lenders will consider your entire family's income at that point, not just your own. But that is likely still a few years away...nothing to worry about now.
When you move out on your own, just make sure that your parents stop claiming you on their income taxes.
Good job on saving up some money in your refund...and planning ahead!
2006-12-12 11:07:23 · answer #2 · answered by ggfire 3 · 0⤊ 0⤋
now that you are in the workforce accept the fact that certain taxes are withheld as required by Congress, and these would be SS and Medicare, and possibly a state employee tax, none of these are refundable the amount withheld for income income can possibly be refunded in your case for 2013 if you do not anticipate earning $6100 for the year you could file your W-4 as exempt and no income taxes will be withheld if income taxes have already been withheld, you will file a tax return next year to claim the income tax that you were not obliged to pay
2016-05-23 15:59:27 · answer #3 · answered by ? 4 · 0⤊ 0⤋
LaLa is mistaken, you must by 14 or under for your parents to include your income on their return. You are probably required to file your own return. Even if you are not required to file, you should. That is the only way to claim a refund. If your parents can claim you, you are not entitled to a personal exemption on your return, but you can still claim the standard deduction. If you claim zero on your W-4, you are probably entitled to a refund. Without more information I can't say how much. See the 1040 instructions (linked below) for more information on filing requirements.
2006-12-12 12:17:13 · answer #4 · answered by STEVEN F 7 · 2⤊ 0⤋
It depends on how much you made, and how much you had withheld. If you made $5150 or less, then you can get it all back. If you made more than that, you'll owe some tax - if you paid in more than you owe, then you'll get the extra back.
2006-12-12 15:34:31 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Yes, you can file your own return and get back your money.
2006-12-12 11:00:15 · answer #6 · answered by billy 6 · 0⤊ 0⤋
I would assume yes because you are entitled to a standard deduction for the lesser of your wages on the W-2 or about $5400.
2006-12-12 10:55:24 · answer #7 · answered by waggy_33 6 · 0⤊ 2⤋
Yes, since YOU made income, YOU will file your own tax return this year. Your parents will have to include on their tax returns what you made in the year and their credit for you will be reduced accordingly. =)
2006-12-12 11:29:32 · answer #8 · answered by LaLa 6 · 0⤊ 4⤋