Okay so in the past year i grossed $14,192.72 in taxable income, on top of that $1,906 was non taxable because my job is paying for my education. Fed. Witholding is 1,737.58. I am claimed as a dependent on my fathers tax return. I am wondering how much I should expect to get back on my return when I file?
2007-01-04 16:36:49 · 6 answers · asked by Frank T 1 in Business & Finance ➔ Taxes ➔ United States
One of the tests for dependent is that the dependent did not provide over half his support. Did others provide you with over $15,930 in support? If not, you are not a dependent.
But, if you are a dependent, your only deduction is the standard deduction of $5,150, leaving you with taxable income of $9042. With single filing status, your tax is just about $980. Now look at your withholding and see if it is more or less. Then you'll know if you are getting anything back, or if you owe.
By the way, if you could claim yourself your taxable income drops to $5742 and your tax drops to about $575.
2007-01-04 16:53:24 · answer #1 · answered by ninasgramma 7 · 1⤊ 1⤋
Saying your parents "can" is a strong word. Your parents are not "allowed" to claim you as a dependent according to tax law. You would have to be either (1) a qualifying child (but you're not a qualifying child because you were not a full-time student for part of five months during the year), or (2) a qualifying relative (which won't work because a qualifying relative cannot earn more than $3,650). However, people who do not qualify to claim exemptions for dependents do it all the time. It's sorta like saying you "can't" drive over 70 on a freeway because that's the speed limit. Yeah, you can drive over 70, people do it all the time. And you might get caught and thrown in the pokey. It's going to make zero difference to you. If they claimed you, why worry about it? They pay less in tax. If they get audited they'll have to pay it back.
2016-05-23 05:00:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
single but there a section where you have to check as a claimed dependant and yes you MUST file. Don't expect a lot it depends on how many you claimed on your w-4 form to get your paycheck. If one probably not very much to actually owing a little.
2007-01-04 17:20:56 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Ninasgramma gives the closest answer so far. You need to co-ordinate this with your parents because you need to know how much they provided for your support. See the link attached. Look at the qualifying child section, then look at page 14.
2007-01-04 23:43:12 · answer #4 · answered by skip 6 · 0⤊ 0⤋
At that income level, your tax rate is 10%. $14,193 - 5,150 (standard deduction for single filer) = $9,043. 10% of that is $904. $1,738 - 904 = $834, your refund.
I'm assuming you have no other income.
2007-01-04 20:52:50 · answer #5 · answered by dragonwych 5 · 0⤊ 1⤋
ask your pops or go to a tax prep place like hnr
2007-01-04 16:38:31 · answer #6 · answered by pinoydj619 6 · 0⤊ 2⤋