I'm 17 years old, I work and i wanted to know if i have to wait until i'm 18 to do taxes.
2007-01-08 18:44:30 · 6 answers · asked by G_72 1 in Business & Finance ➔ Taxes ➔ United States
I assume your parent(s) claim you on their tax return and your only income is from your job.
You have to earn over $5,150 before you are required to file a tax return. But if you made any amount and your employer withheld taxes, you must file a tax return to get your taxes back.
Any dependent with wages over $5,150 would have to file, even a baby.
2007-01-08 18:59:11 · answer #1 · answered by ninasgramma 7 · 2⤊ 0⤋
14 is usually the cut-off. Under 14 your passive (ie. savings account interest, for example) can be included on your parents tax return. After that, you need to file your own.
Keep in mind that by filling out your tax return you are probably entitled to a REFUND. The government owes you money because your employer withheld too much from your paycheck (this is usually the case for young workers) and the only way to get it back is to file your taxes.
2007-01-08 18:55:42 · answer #2 · answered by sspade30 5 · 0⤊ 1⤋
You could be 6 months old and need a tax return if you have been given some wealth that had taxable earnings over a certain amount.
2007-01-09 01:29:36 · answer #3 · answered by WealthBuilder 4 · 0⤊ 0⤋
Do your taxes if you had any taken out. If you made something close to what the average teenager makes, you'll get almost all of the money that was taken out back! Free money for an hour of math--your teacher won't make the same offer.
2007-01-08 18:56:17 · answer #4 · answered by wayfaroutthere 7 · 1⤊ 0⤋
If you made income, you have to file taxes. I had to file taxes when I was 15.
2007-01-08 18:53:05 · answer #5 · answered by yellow_raven1978 3 · 0⤊ 0⤋
If you earn over $700, you have to file taxes, no matter what age.
2007-01-08 18:53:12 · answer #6 · answered by Anonymous · 0⤊ 2⤋