QUESTION ABOUT TAXES!!! I am 19 full time student - do i pay taxes? PLEASE READ!!!?

Question

Okay here is my situation..

I am 19, I claim expemt at work, I am full time student and live at home, do I have to do anything with taxes or what?

Answer 1

Can your parents claim you as a dependent (whether they do or not)? How much did you earn (more than $5,150 if your parents can claim you or more than $8,450 if they cannot)? If the answer to both amounts is less than that, then you almost certainly do not have to file. If your parents can claim you as a dependent, did you earn more than $850 in unearned income? If not, you definitely do not have to file. As you claimed exempt you should not have had any tax deducted so you have no refund coming to you anyway.

Go to www.irs.gov and click on the efile icon on the left hand side. Prepare your return online (you can do it for free) and see what the result is. Make sure you answer the question about being a dependent correctly. My gut reaction is that you do not have to file, but you may find this a useful learning experience anyway.

Edit: just to clarify, the third line of Judy's answer should read UNearned income, not earned. I'm sure that was just a typo!

Answer 2

It depends on how much you made. If a parent can claim you as a dependent and you made over $5150, then yes, you must file, and will very possibly owe taxes. If you had any earned income (basically any income not from a job) then the filing limit is much lower.

If nobody can claim you as a dependent, then you don't have to file or pay taxes if your income was under $8450.

Filing and paying taxes does not have anything to do with whether you're a student or not.

Answer 3

Oh, geez, did you ever get a tremendous type of undesirable concepts! only because you're a depending does no longer mean you could't also record your own tax go back. It only ability you could't declare an exemption for your self. and in reality, in case you made adequate to owe some thing, you've been REQUIRED to record. So in the journey that they did not enter some thing into the computer incorrect, and also you quite did owe, then in some unspecified time sooner or later you receives a letter from the IRS telling you what you owe - and for the time of now there'll be activity and consequences further on, so the quantity you owe keeps growing each month. the quantity for 2009 the position in case you made that a lot you had to record in case you've been a depending became $5700. the quantity for 2008 became $5450. in case you made below that for the three hundred and sixty 5 days, you weren't required to record, and did not owe some thing. in case you remodeled those quantities besides the undeniable fact that, you've been required to record and favor to get your go back filed asap.

Answer 4

All earnings are taxable even benefit, but you probably dont pay taxes because you are allowed to earn so much before you pay tax, so find out what your threshold is being 19 and single and you probably find it is probably twice as much

Answer 5

I have no idea where you live but if you are in canada this is how it works:

If you work, you will have to fill out your taxes, your work will give you a t4, and you add it to your taxes. You probably wont owe anything, but you must fill out the form

Answer 6

If you are working and 18 year old you have to file taxes.
I remember when my Father filed me as a dependent and when I joined the Airforce two years later I get a letter from the IRS saying I owed $500.00 and guess what, I had to pay it....lol
The IRS told me if I was 18 I should of filed my own taxes....there isnno excuse with the IRS they will get ya one way or another.

Answer 7

If you have a job and you pay taxes out of your check each pay check then yes.

Answer 8

You might have some refund coming in. Check your year end W-2

Answer 9

shouldnt have to pay cause your parents should be claiming you , but it does depend on how much u made last year.

Answer 10

It depends on how much you made. There are minimum income requirements.