HELP please
2007-03-01 19:18:30 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Nothing, unless you overpaid your income taxes.
There are a few issues here. First off, are you a full-time student, or were you for at least 5 months during 2006? If not, your parents CANNOT claim you as a dependent. If you are 19 or over, you must be a full-time student or totally and permanently disabled for your parents to claim you as a dependent with that much income. Of course, the support test also applies, i.e. they must have provided more than half of your support for the entire year.
As to how much you might get back, that all depends upon your total wages and how much income tax was withheld. Whether you can be claimed as a dependent by your parents will factor into the calculations so you need to resolve that issue first. If your parents cannot claim you legally, they need to file an amended return on Form 1040X and pay the additional tax due. You should then claim your personal exemption on your tax return.
If you claim a personal exemption on your return and your parents have already claimed you as a dependent, you may have to file a paper return. The IRS will investigate the matter and decide who gets to claim you. If they decide that you cannot be claimed as a dependent they'll bill your parents for the additional tax that they owe for the denied exemption.
2007-03-01 22:31:03 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Look on your W-2 form(s). Add up all of the Federal Tax Withheld. Usually its the first block showing tax. The other two are Social Security and Medicaid Add up the Federal tax amount. This would be your refund. If you have a child then you could qualify for other deductions and credits that could get you a refund as high as $3200. Even more than you actually paid. If you lived with your parents all year then they can claim you but your income would be added to theirs, increasing the final tax owed. Depending on their income, adding you will lower their refund. A professional tax person should look over the Tax Returns. At least have a knowledgeable friend look over your W-2 and your situation. Maybe it would be better for you if you filed by yourself.
2007-03-02 03:27:31 · answer #2 · answered by Anonymous · 0⤊ 2⤋
you can't get anything back unless you overpaid.
A tax REFUND is not free money. It means you had more money WITHELD than what you owe.
Don't look at the line that says how much the refund is
Look at the line that says how much money the government is taking.
2007-03-02 03:22:32 · answer #3 · answered by Anonymous · 1⤊ 1⤋
Low tax bracket should be quite a bit returned.
2007-03-02 03:23:19 · answer #4 · answered by ★Greed★ 7 · 0⤊ 2⤋
if you made that much money, they cannot claim you.
2007-03-02 03:21:43 · answer #5 · answered by steven c 2 · 0⤊ 2⤋