I am 18 years old, a full time college student and am living at home. My parent's claim me on their tax returns. However I started working in summer of 2006 and made over $600, maybe around 5K-6K total?
I know that you are suppose to start filing your taxes if you make over $600, but honestly it never crossed my mind that I might have to until today because I've never done it before. Was I suppose to file my taxes? If so, will I get into any trouble for NOT filing them?
Thanks!
2007-04-17 19:43:05 · 9 answers · asked by NATZ 1 in Business & Finance ➔ Taxes ➔ United States
It really depends. How much was withheld from your paychecks in taxes? If you've already paid more than required (and would get a refund) you don't need to file by the deadline. If you owe money, you will pay a penalty for filing late and should file ASAP.
2007-04-17 19:49:17 · answer #1 · answered by Daniel R 2 · 0⤊ 0⤋
No, $600 isn't the limit. If it was from self-employment (got a 1099-misc form), then the limit is $400. But if you worked as an employee (got a W-2) you don't have to file unless you made over $5150. If you made more than that, you have to file, and should do so as quickly as possible. If you have a refund coming, you'll get it and there won't be any penalty for filing late. If you owe, then there would be interest and a penalty.
If you dont have to file, but got a W-2 and had anything withheld for federal income taxes, you should file to get it refunded to you. There won't be a penalty for filing late, but do it as soon as you can.
If your parents are eligible to claim you, they still do whether you file a return or not - possibly that's why "no one else has mentioned" that they can't, as the responder above said. If they can claim you, and from what you said they almost certainly can, then you don't claim yourself - check the box on your return that says you can be claimed as a dependent (on line 5 if you file a 1040EZ). You won't get an exemption for yourself.
You can download forms at irs.gov - if you have a W-2, you probably need a form 1040EZ.
2007-04-17 20:24:42 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If your income from wages was over $5,150, you are required to file. If it was less and you had $300 or more in unearned income as well, you are required to file.
You still need to file your taxes. If you have a refund due you'll still get it and there will be no penalty for late filing. If you have a balance due you are now facing penalties for late filing and interest and possible penalties on the underpaid tax.
Even though the deadline has passed, you still MUST file. Let the chips fall wherever they may as far as any penalties are concerned. If you owe, waiting for the IRS to contact you about it will only compound the problem and increase your ultimate costs.
2007-04-17 19:59:34 · answer #3 · answered by Bostonian In MO 7 · 3⤊ 0⤋
Did your employer mail you a tax slip, to be submitted with
your paperwork? I wouldn't totally freak or nothin. If you
would owe $$ to the gov. (which you probably dont) then
you get hit with a penalty for not filing. I don't know exactly
but I think its an interest rate, maybe 5%, on what you owe.
Check your slips, or request replacements, its often done,
and get some-one to help you fill in the forms. Grab some
at the post office, it might already be too late, they go like
hotcakes.
2007-04-17 19:52:47 · answer #4 · answered by Uncle rvk 2 · 0⤊ 0⤋
$600. is not a magic number,, has nothing at all to do with filing or not filing.
why take the chance?? if you made enough to file then yes,, file,, you might even get a refund... if you didn't make enough,, file anyway,, you might get a refund..
,, go ahead and file the return
2007-04-18 01:02:43 · answer #5 · answered by Jo Blo 6 · 0⤊ 0⤋
And don't be like other people, who think that by not filing when they have to, that the problem will go away! The problems and the penalties will only increase, just do it now and get it over with, and you don't have to worry about it or ask these questions on A;nswers!
2007-04-17 23:01:47 · answer #6 · answered by musicman 5 · 0⤊ 0⤋
you will no longer get in worry, when you consider which you probably did no longer owe something. yet once you document for the taxes besides, you get all the taxes you paid back. You earned below the minimum own Exception quantity, so all your earnings would desire to have been tax-loose.
2016-10-22 11:59:40 · answer #7 · answered by ? 4 · 0⤊ 0⤋
If you worked for your parents and they claimed you as a deduction, I wouldn't worry about it. You should file anyway though just so that you can get the taxes monies you paid back in your pocket, don't you think?
2007-04-17 23:27:43 · answer #8 · answered by annazzz1966 6 · 0⤊ 1⤋
Kiddo, you need to read the tax booklet. What no one else has mentioned is that if you file your own taxes, your parents probably can't claim you as a dependent on their taxes. So I'm wondering why they didn't discuss this with you prior to now. Talk with them in the morning and see what your situation is exactly. Then go from there.
2007-04-17 20:09:12 · answer #9 · answered by Anonymous · 0⤊ 4⤋