I moved out of my parents house in September, and it is now May, so it will be a full year of being on my own in September. They claimed me for last years tax season (because i lived there most of the year), but I think I need to change my W2 so I can claim myself. I work full time, and I'm not going to school. I'm 19, and make about 22,000 annually. How should I file my taxes? And will I probably owe next year? THANK YOU soo much!!
2007-05-15 07:03:56 · 4 answers · asked by shelb 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Have your employer change your tax status to single. And claim just yourself. They may take more out of your pay check, but it will even out at the end of the year. Next April just file your own tax forms and just claim yourself.
2007-05-15 07:15:09 · answer #1 · answered by Vinegar Taster 7 · 0⤊ 1⤋
I'm pretty sure that you don't need to do anything in order to claim yourself. On next year's 1040, you just won't check the box that says can someone else claim you as a dependent.
As for the taxes that you'll owe, you can go to the irs.gov website and run your estimates of the numbers through on the 2006 1040 (it won't change too much for 2007). You get a standard single deduction and a personal exemption, which should leave your taxable wages at about 13700, which translates into roughly $1,370 of federal tax.
Keep in mind as well that they're deducting money from your paycheck, so you will owe about $1,370 less whatever the feds have withheld for the year (you'll get to claim a refund if they've taken more than the tax as calculated on form 1040).
2007-05-15 07:16:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ask your employer for Form W-4 to change your withholding, you should claim "0" on the form so that you can either come out even or get a refund when you file your Federal Income Tax return next filing season (due by 04/15/2008) Even though claiming 0 on your w4 takes out more for withholding and a smaller take home pay it is all worth it at the end of the year. It is not a good idea to owe the IRS. Interest and penatly are high, there is a fee for an installment agreement.
$105.00 for regular installment and $52.00 for a Direct Debit installment agreement.
2007-05-15 11:26:19 · answer #3 · answered by Ms. Angel.. 7 · 0⤊ 2⤋
yes change your W2. If you have not filled you taxes for last year you will owe a penalty for this year. You can pick up a form for filing late taxes, Or go to TAXACT.COM and do them there. You still have to file taxes while working and living with your parents. You can file all your taxes with the above site.
2007-05-15 07:21:12 · answer #4 · answered by cuppy 2 · 0⤊ 1⤋