2006 income is $6912.00 and is still claimed as dependent on parents return
2007-02-19 10:14:14 · 14 answers · asked by Cathy B 1 in Business & Finance ➔ Taxes ➔ United States
Yes, you do. You made more than $5150. Anything over $5150, and you must file.
2007-02-19 10:19:51 · answer #1 · answered by Lisa A 7 · 2⤊ 0⤋
Yes, you will need to file a return. The difference is that you will not be able to claim yourself as a dependent thus increasing your amount of taxable income. See the links below and read the instructions for a 1040EZ. Speak with your parents and their income tax preparer (if applicable). Often, you will receive a portion of the monies paid out of each payperiod back as a refund. It depends upon how you completed your W-4 information. If you fail to file, it could affect your eligibility for federal grant monies and possibly could result in an audit.
Speak with an income tax specialist (i.e. H & R Block) for more information regarding filing your return...if you are uncomfortable about the process.
2007-02-19 10:23:49 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, a person who can be claimed as a dependent needs to file a return if their income is over $5150. If any of the income was from self-employment, then the limit would be even lower.
2007-02-19 11:21:36 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
YES! Age is not the factor. We have clients with kids that were under 10 and they were filing a tax return.
Check to see if your parents can still claim you. I don't recall the max income amount but I think you earned too much to be claimed by them.
My son is 22, earned less than you and filed so he could get his withholding back ($84 fed & $3 state)
2007-02-19 10:17:52 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋
I don't know if you want to get into a family feud over this or not. If you provided more than 50% of his support and he is under 24 years of age, then you are entitled to claim him as a dependent. If you are entitled to claim an exemption for him, then he cannot claim a personal exemption on his own tax return, EVEN IF you agree to allow him to do so. If you claim him on your tax return as a dependent, the IRS will send both of you letters asking for an explanation. Since you are entitled to claim him, you would get the deduction and he would have to repay any excess refund he got by claiming himself. It's the law.
2016-05-24 17:47:18 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes, you MUST file a return. The wage limit for a taxpayer who is claimed as a dependent on another taxpayer's return is $5,150 for 2006. You've got $1,762 in taxable income there.
2007-02-19 11:16:16 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Sorry...that doesn't sound correct...if you had that much earnings...I don't know how your parents claimed you....our 22 year old son is a full time college student...made $10,000...and even though we still pretty much support him...we couldn't claim him...and yes he had to file....hope this helps.
2007-02-19 10:19:32 · answer #7 · answered by ticklemeblue 5 · 0⤊ 0⤋
Not if you are claimed by someone else - they will have to report your income though.
You would probably get 100% of your witheld Federal tax back if you filed on your own, so if your parents claim you they should give you that amount as your refund.
They can only claim you if you are a full-time student.
2007-02-19 10:18:31 · answer #8 · answered by Random Precision 4 · 0⤊ 3⤋
yep. I remember filing at a 18 and getting my first refund of a wonderful $13. How exciting...
2007-02-19 13:24:50 · answer #9 · answered by Twin momma as of 11/11 6 · 0⤊ 0⤋
You must still fill out a tax return (use the EZ for the feds)...
2007-02-19 10:21:58 · answer #10 · answered by mJc 7 · 0⤊ 0⤋