2007-02-04 09:41:39 · 4 answers · asked by sureshl 1 in Business & Finance ➔ Taxes ➔ United States
Bad Axe need to learn something about tax law. Reading the instruction for the form 1040 would be a good start. Most teenagers with summer jobs CAN be claimed as dependents on their parents returns. Depending on the amount of income the teenager earns, they may be REQUIRED to file their own return. If you had any tax withheld, you should file even if not required. Anyone not required to file has no tax liability and is entitled to a full refund that can only be claimed by filing.
Page 14 of the 1040 instructions has the filing requirements for dependents. If your income was above $5,150, your unearned income was above $850, or your total income was above $850 and your unearned income was above $300, you are required to file.
2007-02-04 11:29:17 · answer #1 · answered by STEVEN F 7 · 0⤊ 1⤋
If the parents claim you as a dependent even if you have a summer job and file separately, the IRS CAN convict your parents as attempt to defraud the US Government. Your parents CAN also get in trouble with the State's agency similar to the IRS. Each state has a different name for their tax collections agency or department.
2007-02-04 09:49:44 · answer #2 · answered by Bad Axe 2 · 0⤊ 3⤋
Only if they made over 5150 in income or if they had over 850 in earned income and 300 or more in interest/dividends. The only other reason you need to file is if who they had any withholdings to get the money back.
2007-02-04 09:45:55 · answer #3 · answered by darrenwelsh429 2 · 2⤊ 1⤋
if the teenager had tax withheld, yes. If the teenage made over $5100, yes.
2007-02-04 09:44:48 · answer #4 · answered by Anonymous · 1⤊ 0⤋