I'm sixteen and I have been working for about 8 months. I know I get something back from taxes but I don't know what taxes we get back and how much.
2007-01-04 08:09:34 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If you are being claimed as a dependent on your parent's return, and you are filing your own return, you will not get the personal exemption. You will however, get a standard deduction which is equal to the lesser of the standard deduction for a single person ($5,150) or your earned income. Earned income means money you earn from working, not income from interest or dividends.
Assuming that you made less than $5,150 in the past 8 months of working, then you would get refunded any federal withholding that they took from your salary.
As for state taxes, whether you get anything back or not really depends on the state and how their taxable income is calculated for dependents.
2007-01-04 08:18:50 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
You'll have to file a return if you want to get back the money taken out, and you'll probably need nothing more than the 1040ez.
When you get the form, turn it over and look at the back. There's a section "worksheet for dependants..." Fill that out. You might be able to get part of your exemption even if your parents are claiming you. It won't be as much, but it's worth a few more dollars.
(This is what jseah114 was talking about.)
2007-01-04 08:33:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You don't necessarily get everything back, it depends on how much you made total, but most 16 year olds don't make enough to owe taxes so get it all back. "All" means what's listed as federal income tax or federal withholding. When you file your return, you'll show you have a refund coming to you, and they'll either send you a check or deposit it in your bank account, whichever you request. You can make up to $5150 and still get all of your federal withholding back.
You will not get the FICA (social security and medicare) amounts refunded.
Different states have different rules, so you may or may not get some or all of that refunded.
2007-01-04 15:53:42 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Not your money at all but hers for this purpose. Her income tax return her earned income and her home that she did maintain and paid for for you and her to live end in during the tax year and REFUND amount for tax year would be her own signed income tax return that did qualify for this REFUND amount during the tax filing season. NOW you will fill out and file your own 1040 income tax return for the tax year and IF you do qualify for a REFUND on your own 1040 income tax return then that REFUND amount will belong to you only NOT to any one else and you will also be required to sign your own 1040 income tax return during the ta filing season for this purpose. Good Luck. Hope that you find the above enclosed information useful. 08/12/2012
2016-03-29 07:49:12 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You won't know until you fill out your return for feds and your state (if applicable).
For the feds, you should be able to use a 1040EZ. You can download it from IRS.gov or pick it up at a library. The state form would depend on what state you are in.
2007-01-04 08:16:34 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
Download 1040EZ from IRS website. Submit the form, you will know, how much money you are getting back.
2007-01-04 08:23:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋
once you get your W2 you can fill out the 1040EZ and that will let you know what you will be getting back.. You can get the forms at the post office.
2007-01-04 08:18:04 · answer #7 · answered by TC_43 3 · 0⤊ 0⤋