This will be my first year filing taxes in the state of IL. I am currently not enrolled into college but I worked part-time this past year and I earned about $4700. Is there anything I need to be aware of that can help benefit me or perhaps even something I need to be cautious about?
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.
If my parents claim me as a dependent/indepenent how much money will benefit them?
If I claim myself as an independent/dependent how much money will benefit me?
Thanks!
2007-01-23 09:47:27 · 7 answers · asked by Tania B 1 in Business & Finance ➔ Taxes ➔ United States
If you are over 18 and are not a full time student, your parents are not allowed to claim you. If they can, the get one additional personal exemption of $3,300. Because your income is less that the $5,150 standard deduction for filing single, The personal exemption makes no difference for you. You should file a 1040EZ with the IRS. Any Federal income tax withheld should be refunded. I don't know anything about Illinois state taxes. I did link the Department of revenue website.
2007-01-23 09:59:24 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
Assuming you didn't have any other income than the $4700 from your job, you will get back any federal income taxes that were deducted. You aren't required to file, but if you had anything withheld, then file to get your refund. This is the case whether or not your parents claim you.
Filing your taxes won't change anything for them. If they are eligible to claim you, and they probably are if you're under 19, they still can. Ask them if they do, because if they do, there's a box you'll have to check on your return (you'll file a 1040-EZ) that says you're a dependent. With the income you had, your refund won't be any lower because of that, but you need to be sure to check it.
If you're over 18 and were not a full time student for some part of at least five months of 2006, then your parents can't claim you even if they supported you.
2007-01-23 16:03:01 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
It will matter very much whether your parents claim you as a dependent as you cannot claim yourself if they do. My parents found that they got more money by claiming me than I would have filing alone, so they gave me what I would have received and kept the rest.
I suggest you just get some tax forms and try out the different combinations.
2007-01-23 09:53:23 · answer #3 · answered by Phoenix, Wise Guru 7 · 0⤊ 3⤋
most likely your parents did claim you. check with them. mine did till i was 23 because i lived with them. even when i lived in an apt they did. you will need a 1040ez file form. you will mostly likely make back all you paid because you didn't make all that much. follow the steps it is easy if you read it carefully. have your folks check it over. Start in pencil and rewrite in pen when you are sure its correct. make copies and keep them in a safe place.
2007-01-23 09:57:33 · answer #4 · answered by mcdonald624 2 · 0⤊ 1⤋
Your parents can not claim you if
1. You are not a full-time student and you are over 18
and
2. IF you make over $3300
2007-01-23 10:50:35 · answer #5 · answered by Smart1 3 · 0⤊ 0⤋
Tania B,
For starters, your parents will get more money back if they can claim you. I would reccomend you go to an H+R Block to have them prepare your taxes for you. It costs roughly $20-30.
-The Mackster
2007-01-23 09:55:09 · answer #6 · answered by The Mackster 2 · 0⤊ 2⤋
With roughly $5,000 of reportable U.S. income, you should invest in TaxCut or TurboTax. This will cost you $20 (buy the basic product, not the upgrades). The software is easy to navigate and their returns are generally accepted by the IRS because the software has already been reviewed & approved by the Federal government.
I think you owe it to yourself to do that if your income is almost $5,000.
2007-01-23 09:54:35 · answer #7 · answered by Blu 3 · 0⤊ 3⤋