I live in Illinois but I pretty sure I have to pay state taxes no matter what, but I'm wondering if I'll get all my federal taxes back. My mom claims me as a dependent.
2007-07-10 04:49:42 · 7 answers · asked by ilovethatband3 1 in Business & Finance ➔ Taxes ➔ United States
If somebody claims you as a dependent, your deduction is $5,350(based on 2006), but you don't have personal exemption. Therefore, your tax for 2006 would be $165. If your withheld income tax(box 2 of your W2) is more than $165, than you have a refund. If it's less, then you owe. The above rules pertain only if you are a full time student. If you are not full time student, and you are 19 at the year you filed tax, then parents CANNOT claim you as a dependent. You will get full deduction and exemption which will be more than you earned. Therefore, you don't owe income tax. If your employer took it(box 2) you are entitled to the refund totaling the tax withheld.
2007-07-10 10:26:22 · answer #1 · answered by alikmal 2 · 1⤊ 0⤋
You need to file both federal and state tax returns, and you'll probably get refunds from both, but not necessarily ALL of the tax that you paid over the year. Just make sure that you check the box saying that you're being claimed as a dependent on someone else's return so that they'll figure your personal exemption and taxable income correctly.
2007-07-10 04:59:08 · answer #2 · answered by Navigator 7 · 0⤊ 1⤋
You won't get all of your federal withholding back, since you'll have some tax liability for the $7000. It will be less than $200 for the feds - if more than that was withheld, you'll get the extra back as a refund.
Koko has it backwards - you'll get a standard deduction, but will NOT get a personal exemption since your mom gets that for you.
2007-07-10 05:20:24 · answer #3 · answered by Judy 7 · 2⤊ 0⤋
You will still get the standard deduction of $5,350. If your income is $7,000, you will be taxed on $1,650.
Your tax will be $165. If your employer withheld taxes over this amount, you will be refunded the difference.
2007-07-10 07:13:06 · answer #4 · answered by ninasgramma 7 · 1⤊ 0⤋
That would depend on how much you had withheld. You tax liability should be something like $186 (unless you had some other factors that would reduce that amount) so you should get back any amount over that.
2007-07-10 05:00:56 · answer #5 · answered by ? 6 · 1⤊ 0⤋
The IRS will keep approximately $375 of what your withholdings.
Your mother will be taking the standard deduction for you so you can not take on your return.
You can however deduct $3,300 personal exemption, so you will then being paying tax on the remaining $3,700.
2007-07-10 05:03:35 · answer #6 · answered by Koko Y 5 · 0⤊ 4⤋
most likely you will get a refund ( i did last year, and i was in the exact same situation)
2007-07-10 04:59:28 · answer #7 · answered by Mrsashko 5 · 0⤊ 1⤋