I am 16 years old and living with my parents......What is the best way to file if I am curently working? DO I do mine return indivisually? With my parents? What works the best?
2007-01-02 16:02:28 · 7 answers · asked by suavemonkey14 1 in Business & Finance ➔ Taxes ➔ United States
Did you provide over half of your own support? If the answer is no, then regardless of your income, you are a tax dependent of your parents. Even if your parents decide not to claim you, you cannot claim yourself.
If you had only your wages as income, you are required to file if your wages were more than $5,150. If you made less than that, you are not required to file, but you must file in order to get your withholding back. So, file in either case.
Your filing status is single with zero dependents, and your income goes on your own return. Your parents will still include you on their tax return as a dependent.
2007-01-02 16:44:33 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Your parents can claim you. This assumes that you didn't provide more than half of your total support, and that you aren't married (a good assumption, I hope, at 16).
You will also file your own return. If you made less than $5150 for the year, you don't have to file, but if anything was withheld for federal income tax, you should file to get it back. If you made over $5150 for the year, they might keep some for taxes.
You can use a 1040EZ form - the EZ stands for, yes, easy, and it is. When you get your W-2, follow the instructions and you should be able to do it yourself. Check the box that asks if you are a dependent.
2007-01-03 00:56:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Well, if I can remember right as long as you don't make more than $3000.00 you do not have to file, but if you do make more you should file. You will still be a dependent of your parents and should mark so on your form. You should be getting most all of your taxes back as a refund, except for social security and medicare taxes. The best thing for you to do though is to check with the IRS site and your local state treasury dept. they can tell you exactly what to do. They have toll free numbers and you can speak with someone live, or check it out here on the internet they do have questions and answers there. Good Luck and also once you find out all you need to know, talk with your parents too. They will appreciate the fact that you checked everything out first but still want their opinion.
2007-01-03 00:15:55 · answer #3 · answered by sjb83162 2 · 0⤊ 0⤋
If you earned an income you do need to file. You could get by with the 1040 E-Z. You will get a refund. Your parents can still claim you. The tax form is simple and self explanatory. Your parents can help you if you have problems. If they have an accountant do their taxes, the accountant can do yours as well
2007-01-03 00:12:28 · answer #4 · answered by Gary S 5 · 2⤊ 1⤋
Your parents can claim you but you need to file seperately.
2007-01-03 00:05:57 · answer #5 · answered by John G 4 · 0⤊ 0⤋
Your parents should claim you.
2007-01-03 00:04:51 · answer #6 · answered by Chula 4 · 0⤊ 0⤋
it depends. if your parents are very rich aka 300k or more then you take it. if you make about 5k per year then let them take it. which ever yields the biggest overall refund.
2007-01-03 00:05:51 · answer #7 · answered by Joe A 2 · 0⤊ 1⤋