I've heard that all the taxes that were on my check would be returned becuase im under 18, i had the job when i was 16 and lost it a month before i turned 17. Was i just hearing a lie, cuz i would really like my money if its possible what ive heard is correct.
2007-02-02 14:25:19 · 8 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You heard wrong. It has nothing to do with age.
Assuming your parents claim you as a dependent, then you can make up to $5150 at a job without having to pay taxes. If you made over that, then you wouldn't get all of your withholding refunded to you. If your parents can't claim you, you could make up to $8450 before you'd be required to pay taxes.
The people telling you that probably said it because most people under 18 don't make that much, so they get all their federal income tax withholding refunded.
You have to file a return to get your refund if you have one coming. If you made over the limits above, then you have to file a return whether you're getting a refund or not.
2007-02-03 12:42:32 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You have to file a federal tax return regardless of your age if you received income from an employer. There is a good chance you would get everything back if you did not make very much. The more you make the more taxes you have to pay on your income. Even if your parents claim you as a dependent you still must file a federal and state tax return on any taxable income.
2007-02-02 22:37:53 · answer #2 · answered by Trina L 2 · 1⤊ 0⤋
I'm afraid you were hearing a lie. Being underage does not give you a get-out-of-taxes-free card, especially if you are being claimed as a dependent on someone else's (your parents') return. You will have to file; you may or may not get a refund of all or some of your money, depending on how much you made and how you filled out your withholding forms and what your specific circumstances are.
2007-02-02 22:35:24 · answer #3 · answered by kilauea0612 4 · 0⤊ 1⤋
Of course not. That is why Macaulay Culkin is so rich. All those millions he made was tax free.
On second though, maybe you better just file a return just in case I am wrong. BTW, it is "you're" not "your" and "it's" not "its". Maybe you should finish school before taking minimum wage jobs.
2007-02-03 01:12:16 · answer #4 · answered by CA_hiker 2 · 0⤊ 0⤋
Of course the govt can. Why do you think you should get out of paying taxes?
But if your income is below a limit (i.e. the standard deduction) you'll get back the income tax part - basically you have no taxable income once deducting it. The FICA money they withheld is gone forever. Welcome to the real world.
2007-02-03 00:11:54 · answer #5 · answered by Quixotic 3 · 0⤊ 0⤋
Well i know that i just turned 18 and for the last three years i have been filing my taxes. and i have gotten everything back except the social security. just make sure that you have your w2s and your pay stubs
2007-02-02 22:39:25 · answer #6 · answered by BUB 1 · 0⤊ 1⤋
if you earned less than $5,150 then yes, you will recieve all your federal tax withholding as a refund. (im assuming your parents will be claiming you as a dependent.)
you could file a 1040-EZ
2007-02-02 22:41:50 · answer #7 · answered by tma 6 · 0⤊ 1⤋
yes they can. if your parents claim you, you don't get anything back because you can't file. if you file on your own, they still get your cut. What i would do is suggest you cut of your parents return because they get thousands for claiming you as a dependent.
2007-02-02 22:29:33 · answer #8 · answered by latinvirgolover 1 · 0⤊ 2⤋