I am 21 and i'm a full time student, and I had a summer job last year. I don't really know what I need to file a tax return... If my parents are gonna include me as a dependent on their tax return this year, will I need to file a tax return? What are the benefits of doing it? I am currently not in the US, will that be a problem? Thanks!!
2007-01-11 00:24:25 · 3 answers · asked by beebee32002 2 in Business & Finance ➔ Taxes ➔ United States
If you worked on the books in the US you have to file a tax return even if your parents took you as a dependent. If you only worked a short time you will probably get a refund. You can file online. Go to www.irs.gov
2007-01-11 00:29:16 · answer #1 · answered by kadel 7 · 0⤊ 1⤋
According to what you state, if appears your parents need to claim you. If you made less than $3,300 dollars (the amount of your personal exemption) you need not file your taxes. But if you made more, yes. Filing requirement for each state are different. Look up the filing requirements for the state you have domicle in. If I were preparing your parents taxes, I would have the right to claim my son/daughter who is a student because of these reasons: 1, under the age of 24 and a full time student, 2: still a dependent in my home, 3, not married to where a spouse can claim him/her. You can file your taxes when you get back into the country. IRS typically requires you to file by April 15th each year (depending on what day of the week that falls on). Make sure your parents claim you ok. And when you do file your taxes, make sure you do not claim yourself, as you have already been claimed. Typically IRS likes us to file as I stated by the 15th of April, but if you have a valid reason for filing late, the IRS is pretty lenient as long as you do not OWE them money. IF you owe them, then you would have to pay a late filing fee and interest and penalties on the amount of tax you owe. But based on what you told here, you will have little income and would typically get back what you paid in for federal withholding, as a rule with what I normally see in preparing taxes similar to yours. If you are not sure when you will come back into the states, have your parents send you a form that you will fill out and send back for them to have power of attorney for you so that they can file your taxes and you won't be late and you will have peace of mind. Good Luck.
2007-01-11 09:19:42 · answer #2 · answered by perleo 3 · 0⤊ 1⤋
If your parents claim you, and you earned over $5150 in 2006, then you are required to file. If you earned less than than, you don't need to file unless you had unearned income also, but if you had any tax withheld, you should file anyway to get it refunded to you.
It doesn't matter whether you're currently inthe US. You can send in your return, or efile over the Internet, from wherever you are.
2007-01-11 23:16:17 · answer #3 · answered by Judy 7 · 0⤊ 0⤋