Am I elligable to file exempt on my W-4? I am 18 years old but still file dependent on my parents taxes...?

Question

I will be making 320$ a week but only for the summer i know about the 5120$ rule but its only for the summer am I still eligible?? and if not what is the best option for filing my w-4 to get money back at the end of the year?

Answer 1

If you’re only working for the summer at $320 a week, you’d have less than $5150 income for the year, so unless you have over $300 of unearned income, like from a savings account, you can file exempt on your W-4. That would mean that nothing would be withheld for federal income tax, so as long as you are under the $5150 for the year, you wouldn’t have any reason to file a return since you wouldn’t have anything to be refunded.

Levindis is not correct when he says you do not file a return – you can still file if your parents claim you, and if you make over $5150 for the year, you are required to file.

Answer 2

ok if your parents claim you ...you can still file on your own, however make sure that you check the box which states that you are already being claimed on someone elses return... as far as you w-4 if u claim exempt you will not have any federal withholding amount withheld from your check so there will be no refund in question at years end...so you will not have to file anyway. if you do not claim exempt and there is anything withheld from your check chances are if that is the only job that you have for the year...you should get back anything you paid in...just make sure that you indicate you were already claimed....it makes a huge difference most of the time for the parent...and if you are still living at home and they are providing food home electric etc/...they are supporting you and you are their dependant...

Answer 3

You will not get money back because you can not claim yourself if your parents are claiming you also. That means you do not file a return because your parents filed theirs with your SS#. As far as your W-4 is concerned you claim 0 because your parents already claimed you on their W-4.