I made $18k last year and paid $4k in taxes and my parents are probably going to file their taxes with me as being one of their dependents. Can I still file taxes and will that leave me with less of a refund if they also file as me as their dependant?
2007-01-12 12:15:03 · 6 answers · asked by chris 2 in Business & Finance ➔ Taxes ➔ United States
You are a dependent if they are contributing at least 50% of what it costs to take care of you. Otherwise, they should not take you as a deduction. You need to file taxes if you have had money withheld (a W-2 form), because you need to get back any excess and/or need to pay what is still owed. And you cannot file enough more money than what your parents supposedly contribute. If they are determined to take you as a deduction, you might ask whether whoever prepares their tax return would do yours, as well, so that there is no inconsistency, and you are not doing anything illegal.
But if they claim you even though you support yourself more than 50%, they are doing something illegal. You want their accountant to resolve the inconsistencies.
2007-01-12 12:26:32 · answer #1 · answered by auntb93again 7 · 0⤊ 1⤋
Did you turn 24 before 12/31/2006? If so, there is no way your parents can claim you. You made too much money ($3,300 would be the limit).
Your parents could claim you only if you were under 24 on 12/31/2006, and a full-time student for at least 5 months in 2006, and did not provide over half of your own support.
If you determine that you are not a dependent, file single with your own exemption. Use 1040EZ, print it out here:
http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
Instructions including the mailing address here:
http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
If you are a dependent, file the same form with zero exemptions. Your taxes will go up about $330.
2007-01-13 00:22:29 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
---> If your gross income was $3,300 or more, you usually cannot be claimed as a dependent unless you are a qualifying child.
-->qualifying child=you must be a child of your parents, which you are. you must have the same residence as your parents for more than half the your. Age is a factor. Here is the determination on age: must be under the age of 19 at the end of the tax year, or under the age of 24 if a full-time student for at least five months of the year, or be permanently and totally disabled at any time during the year. So unless you are a full-time student as mentioned above your parents should not be claiming you as a dependant. Also support is a factor - > to claim as a dependant your parent provided you more than one-half of support for the year.
AND
Who Should File -->
Even if you do not have to file, you should file a tax return if you can get money back.
1. You had income tax withheld from your pay.
So to sum this up, you should not be claimed as a dependant on your parents tax return unless you are a full time student for more than 5 months of the year and your parents provided more than 1/2 to support you for the year and you are under 24 years of age.
Sounds like you should be filing on your own and getting your own refund.
2007-01-12 20:40:51 · answer #3 · answered by LuvHarmony 2 · 0⤊ 1⤋
You are NOT a dependent. Straight and simple.
Once you are 24 as of Dec 31, you do not qualify because your income is over $3300 limit for 2006.
But, it's nice to have a place to get started and have to pay no rent!
Oh, wait..the parent's are there! Nevermind.
WealthBuilder
2007-01-12 20:53:40 · answer #4 · answered by WealthBuilder 4 · 0⤊ 0⤋
If you are not a student, they can not claim you as a dependent as you made too much money.
You should claim yourself.
2007-01-12 20:22:52 · answer #5 · answered by Wayne Z 7 · 0⤊ 1⤋
If they don't claim you
2007-01-16 13:28:28 · answer #6 · answered by sis79 2 · 0⤊ 0⤋