I am 15 and I have no idea on what to do, should I file my own taxes or claim exempt? If I do claim what should I do? Please help me.
2007-01-09 04:58:26 · 2 answers · asked by The Dealer 1 in Business & Finance ➔ Taxes ➔ United States
If you are being claimed on your parent's taxes, you cannot claim exempt status. You will need to file a return if you have any earned income.
Given that your income would normally be very low compared to your parents they will normally not give you your exemption as it would cost more in taxes for the family as a whole.
2007-01-09 05:51:08 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I'm assuming that you have a job to be asking this question. If you have other income, like interest or a trust fund or something, the answer would be somewhat different.
If you expect to make less than $5150 a year, then you could put "exempt" on your W-4 form that your employer gives you to fill out, and they won't withhold federal income tax. You would not have to file a tax return, since your income would be under the limit to have to file.
If you think you might make more than that, then you'd have to file at the end of the year.
2007-01-09 13:27:01 · answer #2 · answered by Judy 7 · 0⤊ 1⤋