I am a college student and this will be my first year filing taxes. I work part-time and I earned about $4900. Is there anything I need to be aware of that can help benefit me or perhaps even something I need to be cautious about?
Thanks!
2007-01-22 20:00:49 · 7 answers · asked by Tania B 1 in Business & Finance ➔ Taxes ➔ United States
Also, I am not sure weather or not my parents claim me as a dependent or independent as I live at home and am unsure on how that will effect either mine or my parents taxes.
Please help!
2007-01-22 20:08:57 · update #1
With the amount you made, you won't owe anything, and are not even required to file if this was all from your job unless you had other income than that.
If you had any federal income tax withheld though, you'll want to file since then you'll get it all refunded to you. If you don't file, they keep it.
You are below the limit whether your parents claim you ($5150) or not ($8450). but if you do file, you'll need to know whether or not they claim you, since there's a box on the 1040X, the form you'd use, to check if you're claimed as a dependent - and if you are, be sure to check that box.
If you're still claimed as a dependent, then your filing or not filing won't have any effect on your parents' return. If you made more money, then whether or not they claim you could affect your refund, but under $5150, it doesn't matter.
If you're a full-time student and under age 24, and don't provide over half of your own support, then they can claim you based on the info you've given.
Good luck.
2007-01-23 02:44:51 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Because you are a college student with just a part-time job and don't appear to require any special forms, I wouldn't recommend going to H&R Block or any fancy place like that because they'll just charge you for something that you can handle just fine on your own. I like to file online, and if you visit http://www.irs.gov/efile/article/0,,id=118986,00.html the IRS gives information on FreeFile, which is a service where you can get your taxes filed for free. A lot of the services are very helpful and will walk you through all the forms.
A few other pointers: Make sure to have last year's receipts handy with school-related purchases because these count as educational expenses. If you made over $10 in interest from your bank account or whatever this year, you should get a 1099, which you'll have to declare. Don't forget to file your state taxes as well as federal, if necessary.
If you are under twenty-four and a college student, you are still considered a dependent, but you might as well double-check with your parents just in case. If you need any more help you can always ask an economics professor or your parents (or Yahoo! Answers). I like to handle my taxes with the least amount of expense possible, heh.
2007-01-23 05:11:41 · answer #2 · answered by Rukia 2 · 1⤊ 0⤋
If they claim you as Dependant, then they must also add your income in their tax return. Best way to find out is to ask them.
Get basic form from IRS website, Basic forms are simple, just requires 2-3 hrs when you do 1st time. At $4900 income, your tax will be very low anyway, I doubt if you qualify for deduction other than standard deduction.
2007-01-23 04:42:44 · answer #3 · answered by Ted 4 · 0⤊ 0⤋
Honestly I'd go to a cheapish place (H&R Block) and ask the query's straight up. Now you will know the proper and quickest way and can get your refund post-haste.
2007-01-23 04:05:53 · answer #4 · answered by Hans 3 · 0⤊ 0⤋
All the basics
2007-01-23 04:03:39 · answer #5 · answered by yahaya K 2 · 0⤊ 0⤋
how to disguise your identity !
2007-01-23 04:03:28 · answer #6 · answered by Anonymous · 0⤊ 0⤋
irs.gov
2007-01-23 04:03:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋