Hi I am 17 years old and in 2006, had a part-time job. Now, I earned $10,000 of income. Should I still file with my parents and just put my earned income there, or should I do my own income tax this year? How would it best work out?
2007-02-25 13:28:28 · 6 answers · asked by suavemonkey14 1 in Business & Finance ➔ Taxes ➔ United States
You would file your own, but if you are still a student, you would not claim your own exemption, There is a check box on the 1040EZ that asks if you can be claimed as a dependant by someone else, you would check the box for You
2007-02-25 13:33:18 · answer #1 · answered by Anonymous · 1⤊ 2⤋
You CANNOT file "with your parents". There is no such filing status.
You must file a tax return since you had more than $5,150 in earned income and your parents are claiming you as a dependent.
Unless you provided more than half of your support out of your own funds (unlikely if I know most 17 year olds still living at home) they can still claim you as a dependent.
Even if your parents don't claim you as a dependent, you stil made more than $8,450 and must still file a tax return yourself.
2007-02-25 21:50:21 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
You are not permitted to file with your parents. Even if you were permitted to file with your parents, you would not want to since their tax rate is most likely more than yours. Filing on you parents return is an option for children unde the age of 14 were the income is investment related and the child is required to use the parent's tax rate.
2007-02-25 21:32:34 · answer #3 · answered by Homeslice 4 · 0⤊ 1⤋
your parents can claim you as a dependent on their tax return. but you must file your own tax return to report your income. on your tax return you would check the box that states "dependent of another." you cannot claim an exemption for yourself.
2007-02-26 00:28:19 · answer #4 · answered by tma 6 · 0⤊ 0⤋
you cannot file on your parents return. You will need your own Federal return and state return.
Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency
2007-02-25 21:37:05 · answer #5 · answered by TaxGeek 2 · 0⤊ 3⤋
Doing it with ur parent would get u more money out of it. You're 17... so to the state, u r still a dependent toward your parents.
2007-02-25 21:32:19 · answer #6 · answered by honeyxmust 2 · 0⤊ 5⤋