Assuming the person claim their own taxes
2007-03-27 13:45:28 · 8 answers · asked by Miguel O 3 in Business & Finance ➔ Taxes ➔ United States
If both the 16 yo and the 18 yo claim themselves (instead of their parents claiming them as a dependant) then the amount of the refund would be the same for both.
For all you that think that getting a refund lets the government use money that you could use, you're right but only if you take that money and pay down your debt or invest it. If you spend it like all your other money, you'd be better off getting the largest refund possible (claim single no exemptions) because then you get a big chunk that you can use to pay down your debt or invest because you are used to living without that money anyway.
2007-03-27 13:57:24 · answer #1 · answered by tipp10 4 · 0⤊ 1⤋
People over 18 are usually working full time, making more money and having more tax withheld. They also usually qualify for more deductions since they may have children, own a house, or pay for more of their own medical expenses.
But the real trick is to try to come as close as you can to breaking even on your taxes. A big refund only means that you gave Uncle Sam interest free money during the year that you could have used yourself.
2007-03-27 13:50:53 · answer #2 · answered by Brian G 6 · 2⤊ 1⤋
It's not a factor of age, but of tax liability vs any tax already paid in. All else being equal, someone who is claimed as a dependent by another taxpayer WILL have a higher tax liability than someone who is not claimed as a dependent.
2007-03-27 13:53:32 · answer #3 · answered by Bostonian In MO 7 · 2⤊ 0⤋
No. Based on income and withholding taken (people getting refunds notmally not bright and being overwitheld thereby giving gov interest free loan) + deductions. Many people at 18 are on parents' return so can't take self. If not - same rules for both. Refunds are for those who made a mistake.
2007-03-27 13:50:57 · answer #4 · answered by vegas_iwish 5 · 0⤊ 1⤋
No, it really all depends on how much income you make. No matter how old you are. If you are under 14 you may get some breaks, but after that, it is basically all the same. Good Luck.
2007-03-27 17:04:18 · answer #5 · answered by Chris 3 · 0⤊ 0⤋
Not at all. Taxes are based on income. The more you make, the more taxes you pay. If you have any ambition at all, you probably will not always get money back.
2007-03-27 13:50:01 · answer #6 · answered by chrisdennymba 1 · 0⤊ 0⤋
Your refund has nothing to do with your age. If you have more withheld than your tax liability, then you get it refunded to you.
2007-03-27 13:59:59 · answer #7 · answered by Judy 7 · 2⤊ 0⤋
I think it depends on the factors involved..like how much they make whether they have kids are they single or married.
2007-03-27 13:49:08 · answer #8 · answered by madeline4477 1 · 0⤊ 0⤋