I'm 18 and i have a tax return (W-2), cant figure out what to do with it?

Question

is there a deadline for this thing?

Answer 1

If you have only the W-2 and no other income, and you are claimed as a dependent (which you most certainly are), do the following. It will only take a few minutes.

1. Print this page out, or just go to the link and you can fill it out online and then print out the filled in form. I'd print it out, and then enter it online so that I could have a copy.

http://www.irs.gov/pub/irs-pdf/f1040ez.pdf

2. Fill out the form line by line. Don't forget ti fill in your Social Security Number, name, and address.

Line 1 and Line 4 are Box 1 of the W-2.
Leave Line 2 and Line 3 blank
Check "You" on Line 5 and enter your standard deduction:
If Box 1 of the W-2 is less than $850, enter $850.
If Box 1 is between $851 and $4,850, enter the Box 1 amount plus $300.
If Box 1 is $5150 or more, enter $5,150.
Line 6 do as the form says and subtract.
Line 7 and Line 10 are Box 2 of the W-2.
Lines 8 and 9 leave blank.

3. Look up your tax in the booklet here and enter on Line 11:

http://www.irs.gov/pub/irs-pdf/i1040ez.pdf

Fill out Line 12 or 13 as appropriate.

4. Attach the W-2 to the Form 1040EZ, sign the form, and mail to the address on the last page of the booklet. If you actually owe tax then you have to include payment. But if you made $5,150 or less you will not owe any tax and will get all of Box 2 back.

You should mail this by April 17, 2007. If you mail it late you will still get your refund as long as you mail it within three years.

If the amount in Box 17 of the W-2 has any money in it, you have to file a state return to get it back to you. The process is similar, find the website for your state if you have anything in Box 17 to get back.

Answer 2

When you began working your employer began taking out tax money. The government sometimes takes out more than is needed in order to provide for their business, i.e., law enforcement protection, car taxes, etc. So, the purpose of the W2 is to figure out if too much, or too little money was held out.

If you only listed yourself as an exemption, then when you begin filing out the irs paperwork, you'll see the corresponding blanks for your info. Do not get nervous: give yourself credit for being sharp enough for gaining employment in the first place.

Under www.irs.gov look under Frequently Asked Questions to get started on filing out your 1040 forms. If you have other taxable items that you should get credit for, i.e, you paid property taxes, real estate taxes, interest, or receive other tax forms there will be a place for you to show this on your 1040. If you did not, then you can complete the 1040 ez forms.

Once you see the forms you'll see what all this means. Congrats!

Answer 3

A W-2 is an informative form that reports how much you earned during a year. A copy of it is send to the IRS and local treasury department. You will need to find out from what amount its required to fill a Tax return depending on the state you earned it.

Answer 4

If that's the only thing you have you need to get a form 1040EZ and fill it in. If you can't figure it out it's miraculous you got a job in the first place. You also need to file a return for whatever state you're in. You can find these on the internet at irs.gov. The deadline is April 17th so get on it.

Answer 5

You don't have a tax return, you have a W-2.

You need to FILE a tax return.

Go to http://www.irs.gov for further information. You probaby can e-file for free through the link on the IRS homepage.

Answer 6

W-2 type explains how lots you made for the twelve months and what taxes have been witheld out of your verify. This archives is sent to the IRS by using the employer and you place this W-2 archives on your tax type 1040. in case you efile, you dont would desire to do something with the w-2 paper itself. in case you report by using mail, you related to the front website of the 1040 Tax type.

Answer 7

Easiest thing to do, take it to H&R Block and they will sit down with you and ask you questions and what not.

If your self motivated and a good learner, check out IRS free file and check out one of those sites. They basically walk you through how to file your taxes online. Generally it is a little bit cheaper than going through somewhere like H&R Block. The ones that I use is usually TurboTax.

Answer 8

yoru w2 is not a tax return.
you have to fill out a tax form and file it.
that is called a tax return.
your w2 just tells you what numbers to put on the tax return form.
you should probably go to a preparer in wal-mart or
hr block. you sound like you don't know what you're doing.
but if you want to check out the IRS website you can read all the instructions.