I have a serious questions, help will be really appreciated. Im a teenager under the age of 18 and I was wondering if I could file for my taxes using my w2 forms. I was told by my parents that i couldn't file for my taxes because they claim me as a dependent. I have a part-time job that i work at after school. I also heard that if i was to file I would lose my insurance provided by my parents job. Any answers will be greatly appreciated. I dont wanna just forget about it if i could get some money back. HELP PLEASE!
2007-01-28 16:15:41 · 5 answers · asked by James B 1 in Business & Finance ➔ Taxes ➔ United States
That minimal amount that you make at your after school job would not come anywhere near the amount of money that it costs your parents to feed, clothe. house and insure you.
I'm with your parents on this one...
2007-01-28 16:29:13 · answer #1 · answered by emaaaazing! 4 · 0⤊ 1⤋
your in a sticky situation. First off you can file a tax return even if your parents claim you just make sure you mark on the return that you are claimed by someone else. The second point about the insurance is true that they may not get coverage for you if they have told the insurance that your not working. Or they may have to pay more in premiums. This of course is considered fraud so I would advise your parents to let the insurance know.
As for the amount you'll get back is take a look at your w-2's and add up box 1 if that amount is less then $5,150 then you will get everything back from the totals of box 2 on your w-2's
Dont listen to skytzo he doesnt know what hes talking about. If your claimed by someone else you lose your exemption of $3,300 not your standard deduction. So use that $5,150
I have been preparing taxes for three years so far and Ive done tons of these kinds of returns.
2007-01-28 16:24:38 · answer #2 · answered by Ski_Bum 3 · 2⤊ 0⤋
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RE :Teenage Tax Return Question??
I have a serious questions, help will be really appreciated. Im a teenager under the age of 18 and I was wondering if I could file for my taxes using my w2 forms. I was told by my parents that i couldn't file for my taxes because they claim me as a dependent. I have a part-time job that i work at after school. I also heard that if i was to file I would lose my insurance provided by my parents job. Any answers will be greatly appreciated. I dont wanna just forget about it if i could get some money back. HELP PLEASE!
Follow 4 answers
2016-09-04 23:20:06 · answer #3 · answered by ? 6 · 0⤊ 0⤋
You will not claim yourself as an exemption, but you can file to get some or all of your withholding back. Your withholding is the amount in Box 2 of your W-2.
File Form 1040EZ, print it from here:
http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
You will figure your standard deduction using the notes that follow the form. If your entire income is your wages, add $300 to your wages. But do not exceed $5,150.
So if your wages are less than $5,150 you will get all your withholding back.
To mail your return, get the address here on the last page:
http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
If you are a dependent on your parents' return and are filing only to get your withholding back, there will be no effect on family coverage of health insurance. Your parents can contact their Human Resources department if they have questions.
2007-01-28 22:53:10 · answer #4 · answered by ninasgramma 7 · 1⤊ 0⤋
When I was a teen, I was able to file taxes using my W2's even though my parents claimed me as a dependent. I just said I was claimed by someone else. Also, there was no problem with insurance. Have your parents check their policy, but with the one my father had, I was able to stay on his plan until I was 23 or graduated college as a full time student, whichever came first as long as I still had the same permanent address as him.
2007-01-28 16:32:38 · answer #5 · answered by It'sJustMe 4 · 0⤊ 0⤋
you can still file you just cant claim yourself. which means you would probably owe. and it might effect your parents insurance on you if the insurance company put some clause in their contract but it is highly unlikely. ive never heard of such a thing. i believe however you are technically required to file if your over sixteen and were employed either that or your parents are supposed to put your income on when they file but to be truthful i never did any of that. not that i am suggesting you break the law but i hgihgly doubt the irs would do anything. they have bigger fish to fry. unless you made over fifty grand i dont think they will mess with it and i wouldnt either if i were u as for the you getting that return that last person mentioned that is not true you only get the standard $5150 deduictions if you are independent that is that you can claim your self, and you cant
2007-01-28 16:28:12 · answer #6 · answered by skytzo ! 3 · 0⤊ 2⤋