My parents claim me as a dependent. My earnings for the year are from my WORK-STUDY job -- $1850. I am looking at "Chart B - For Children and Other Dependents" on the IRS 1040EZ Instructions page http://www.irs.gov/pub/irs-pdf/i1040ez.pdf.
It says I must file a return if ANY of the following apply:
--- my UNEARNED INCOME was over 850
--- my EARNED INCOME was over 5150
--- my GROSS INCOME was more than the LARGER of
-------------$850, or
-------------my earned income (up to 4850) plus $300
My only income for the year was the money I received from my work study job and that was only 1850. I don't have any unearned income.
I don't think I have to file a return but I was hoping I could get some help from people who are more sure of this matter.
Basically, I am a single, 19 year old college student, claimed as a dependent by my parents, without any dependents to claim of my own, and I have $1850 from my work-study job in 2006 as my only earnings.
2007-01-16 09:20:33 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I don't think that you have to file, but just to make sure, ask H&R Block or go to the IRS website or call the IRS and ask them personally.
2007-01-16 09:34:55 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Pusherhombre has given the right answer but the wrong reasoning. You are correct and have also identified the relevant part of the instructions. Based on your question, you do not have to file - assuming you had no tax withheld from the work-study. If you did, you are still not required to file but can choose to do so and get a refund.
Your earned income was $1,850. You say you do not have any unearned income, but please check with your parents just in case there is an account somewhere with your name on it. If there is, it is much better for it to go on your tax return so as to utilize the remainder of your standard deduction, rather than be taxed at your parents' tax rate.
If you do need to (or choose to) file, you might want to look at www.irs.gov and click on the e-file icon on the left hand side. You should be able to file for free.
2007-01-16 10:00:35 · answer #2 · answered by skip 6 · 1⤊ 0⤋
You do not have to file. The reason is that the standard exemption of $3,300 and the Standard Deduction of $5,150 will wipe out all of your work-study income.
Basically, you are taxed on income you earn that is more than $8,450 (personal exemption + standard deduction) when you are filing as a single taxpayer.
You are not required to file.
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2007-01-16 17:49:13 · answer #4 · answered by Sky Has No Limit 2 · 0⤊ 1⤋
No you do not ought to yet you should record to come again any taxes you paid. I continually did even as i became in HS and worked... I were given all of my money back even besides the undeniable fact that my mom and father nonetheless claimed me.
2016-11-24 21:47:37 · answer #5 · answered by hutt 4 · 0⤊ 0⤋