my question is: if i am a full time student and i worked all year around full time. I am only 18 and i was able to clear about $15,000. I claimed S/0 on my taxes. what does that mean exactly. My main concern is will i receive most of my taxes back? also an added factor is that my parents are not able to claim me b/c i made 15,000, but i didn't know that until we took my taxes to the lady who prepares them for us.
2007-03-10 04:19:29 · 5 answers · asked by pisces_dreamer06 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
S/0 means that you are Single and have zero dependents.
If done properly, you should receive a nice return. Claiming s/0 means that they take more taxes out of your paycheck.
2007-03-10 04:24:29 · answer #1 · answered by tim h 3 · 0⤊ 2⤋
Since you are under 19, if you live with your parents, yes they CAN still claim you unless you provided over half of your own support. This is whether you are a student or not. A full-time student can be claimed until they turn 24, then income limits would kick in. The lady doing your taxes might not have given you good information on this. Some of it depends on what you did with the money you earned - if you saved some of it, or spent it on your own support.
In any case, if you claimed single/Zero on your W-4, you will probably get a refund, but won't be likely to get back most of what you had withheld, just some of it.
If your taxes have already been done, you should know the amount of your refund.
2007-03-10 04:42:45 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
S/O probably means single and one for your exemption status, you will get the standard deduction and your personal exemption only, I'm quite sure you will get money back, but if you make over the combination of those two, you will have taxable income left to figure taxes on, whatever is left from what they took out is yours! And yea, you made too much for your parents to claim you. However they may be able to claim you until 19 if your still a student or living at home, but then you lose your personal exemption. Go to H & R blocks website, www.hrblock .com and use their free estimator and try a couple different ways to see what works best. No, I don't work for H & R Block, I have a small tax business and it's FREE to use.
2007-03-10 07:35:42 · answer #3 · answered by Alan M 1 · 0⤊ 0⤋
You need to find a new tax lady. As you are a full-time student, your income does not matter until you are 24 years old when deciding if your parents can claim the dependency exemption for you.
Claiming S/0 means that you have not taken your personal exemption for the purposes of calculating your withholding. If your parents can claim you, you will probably get a few dollars back, but nothing to get excited about. If your parents cannot claim you, you may well get several hundred dollars back.
If you wish to educate yourself on exemptions, the link below is a good place to start.
2007-03-10 04:29:04 · answer #4 · answered by skip 6 · 1⤊ 0⤋
Your parents may still be able to claim you as a dependent. Just because you made $15k does NOT cost them the exemption in and of itself. What you did with the $15k DOES matter. If you paid your own rent, food, utilities, etc. then they may lose the exemption. If you spent it on entertainment or just saved it, it wasn't used for your support and they can still claim you as a dependent. If their tax preparer says otherwise, find a new tax preparer.
Claiming Single and 0 on your withholding only affects the amount of tax withheld. You will have a tax liability with $15k in wages so you will not get "most" of your withholdings back; some will be applied to your tax liability. If your parents claim you as a dependent, most of the withholdings will go towards your tax liability, actually.
2007-03-10 09:10:04 · answer #5 · answered by Bostonian In MO 7 · 1⤊ 0⤋