I'm a single 20 year old living at home. Started working in june 2006 and get paid about 1 dollar above minimum wage. Will I have to pay taxes this year or will i get a refund?
2007-01-17 20:38:34 · 4 answers · asked by lola 1 in Business & Finance ➔ Taxes ➔ United States
Chances are you will have to pay because you probably made more than the $8000. If you claimed 0 deductions on your W2 when you filled it out when you started work you may get a very small amount back.
2007-01-17 21:53:50 · answer #1 · answered by Tim H 5 · 0⤊ 0⤋
If your gross income for the entire tax year (2006) is below $8,450; you don't even have to even file a tax return (see link below). Therefore, my guess is that you'll get everything your employer withheld from your paycheck back to you, a refund.
The catch 22 is is whether the refund can be obtained without filing a return. To be certain that you get a refund, you should go ahead and file a return anyway after you receive form W-2 from your employer.
The result on the form will show that you do not owe any tax (if that is the case) and therefore, all your withheld amount will be refunded. Form 1040-EZ is really simple to fill out and you can get free help from the IRS by phone or on-line.
2007-01-17 21:00:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You probably won't have a tax liability this year if you only worked for half of the year. You will need to file a tax return to get a refund of any taxes withheld, however.
If you work all year this year you will have a tax liability as your income will be above the ceiling for non-taxable status. Just make sure that you are claiming the correct number of exemptions on your W4 so that the correct amount of tax is withheld.
If you are being claimed as a dependent on your parent's tax return, you'll lose your personal exemption and will get less of a refund or may even owe some tax when you file. You need to sort that out with your parents before any of you file your returns. That applies for 2006 as well as 2007.
2007-01-18 00:02:07 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
What you can do is go to www.expresstaxrefund.com and fill out your w2 information there to see what your return will be. If you filed 0 dependents then you probably will be getting something back. Shouldn't take you more than 10 minutes to fill it out. Plus it's free to see what your return would be. If you had a question you can just call them and they'll answer anything for you.
2007-01-18 02:50:03 · answer #4 · answered by smith j 2 · 0⤊ 0⤋