okay i am 17 years old my question is do my parents have to claim me even though i made $12,000? if i claim myself and they dont claim me i get $600 back if i dont claim myself and let them claim me i owe $16..
2007-02-08 09:15:11 · 7 answers · asked by Jack 2 in Business & Finance ➔ Taxes ➔ United States
Actually, even if your parents didn't claim you but are entitled to, then you would not get an exemption for yourself. Read "your own exemption" on page 25 of IRS Publication 17 - download at irs.gov
And it's not a matter of you "letting them" claim you - if they meet the rules for claiming you, then they can, and don't need your permission.
But check your numbers - the difference in whether you're a dependent or not, with income of $12,000, should be more like $330-$350 than over $600. You get your standard deduction in either case. Since you are 17, you are not eligible for the EIC.
2007-02-08 13:22:57 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Assuming you are living at home with your parents, they may claim you as a dependent. They would also get the dependent exemption. They are not required to claim you however. Have your parents calculate their taxes with and without you listed as a dependent. Maybe you can do a little negotiating with your parents here... The post concerning $3300 is incorrect. You are required to file a return if your earned income is more than $5150. But that is a separate matter than who gets your personal exemption. See attached link to the IRS publication on dependents.
2007-02-08 09:29:43 · answer #2 · answered by oakhill 6 · 1⤊ 0⤋
What you need to understand is that the difference in them claiming you can mean whether or not they owe taxes and if they don't claim you then the taxes they owe will be alot more than $16.00. Maybe they will give you $100.00 or so. Anyway I say let them claim you, you do live with them.
2007-02-08 09:29:57 · answer #3 · answered by rlrubio1 1 · 0⤊ 0⤋
definite. would not count even as it became born. Congratulations by technique of how. toddler's are remarkable on your taxes. you receives an extra $3,650 deduction for having a depending. Then there is the youngster Tax credit, added baby Tax credit, Earned earnings credit, depending Care cost credit. you'd be eligable for some or all of them. flow and word a tax preparer to make sure. do not USE swifter TAX
2016-11-26 03:39:20 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Honestly find out if it is more beneficial for you parents to claim you and if nothing else and they do claim you, hit them up for the $16 that you will owe!!
2007-02-08 09:20:33 · answer #5 · answered by ~Sabie~ 2 · 1⤊ 2⤋
pay your $16 and let your parents claim you. They have been supporting you all year anyhow - haven't they? I mean - hasn't your income been play money for you?
2007-02-08 09:18:55 · answer #6 · answered by lifesajoy 5 · 1⤊ 3⤋
They can't claim you since you made too much. $3,300 is the max.
Don't listen to the post before and after me - THEY ARE WRONG.
2007-02-08 09:19:51 · answer #7 · answered by Dizney 5 · 2⤊ 3⤋