I am a student with a work-study job and my parents claim me as a dependent on their tax form, will I be able to claim exemptionfrom having income tax withheld. Also do I have to file a 1040 (I am making under $8000/yr from this job)
2007-01-14 08:41:47 · 6 answers · asked by metalgod84 2 in Business & Finance ➔ Taxes ➔ United States
Yes, you have to file.
As your parents are claiming you, you probably won't get everything back.
2007-01-14 09:29:15 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
I'm a tax manager for H&R Block and a master instructor. Your parents have the right to claim your personal exemption if you are under 19 or 24 and a full time student without regard to your income. For work on your w-4 you should claim single and 0 because you are not allowed your personal exemption. If your income for 2006 was over the standard deduction then you may have tax to pay. If your income is under the single standard deduction and you have had some withholdings you can file a tax return to claim any amounts to be refunded.
The tax form you should use is a 1040-EZ really easy to complete but if you have any problems, you can contact your local H&R Block and they usually have reduced rates for dependent children and if they dont complete the tax return for you, then you don't have to pay.
2007-01-14 11:07:12 · answer #2 · answered by confair 2 · 0⤊ 0⤋
If you are asking whether you can claim to be exempt from tax withholding (i.e. have no income tax withheld from you), then no. You specifically have to be able to show that you are exempt from income tax in order to claim exempt. The only situation I have ever come across professionally that someone could be "tax blocked" by writing EXEMPT on the W-4 to stop all income tax withholding is when an individual was hired by a US employer on a US payroll, but they were working overseas and qualified for the foreign earned income exclusion, and the employer was withholding hypothetical tax from their wages.
2007-01-14 12:31:52 · answer #3 · answered by jseah114 6 · 0⤊ 0⤋
According to the instructions for W-4, you can't claim exemption if you can be claimed as a dependent by someone else.
If you're a dependent, you'd have to file your taxes if you made over $5150 earned income. Limit can be much lower if you also had unearned income.
2007-01-14 10:18:32 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No, you can not claim any exemption for yourself because they are claiming you (i.e. your exemption). However, you still need to file and may receive some of your tax withholding back. Your filing status would be Single with no exemption. Chances are 1040EZ is sufficient for your use rather than the regular 1040.
Best wishes.
2007-01-14 09:42:36 · answer #5 · answered by JQT 6 · 0⤊ 0⤋
It means you are claiming under penalty of perjury that you either have diplomatic immunity or you did not have income enough to require you to pay taxes.If you fit the criterion, you in fact may be qualified to receive and earned income credit.
2016-05-24 01:14:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋