hi. im going to be 17 years old in january of 2008. im a college sophomore in CA, and im working 2 jobs already. i want to file my taxes seperate from my parents although I do live with them and partially depend on them but can live on my own as soon as I turn 18.. Is it possible to file my own taxes and if possible, how do i do this?
thanks
2007-10-05 12:36:07 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
If you have a job (or 2) then if you make enough money, you are REQUIRED to file a tax return of your own, separate from your parents. For 2007 you are almost surely their dependent, so if you make over $5350, you have to file. Download form 1040EZ and instructions from irs.gov and fill them out, or buy software like TurboTax. Or you can go to a VITA site and they'll prepare your return at no charge - most VITA sites e-file - for more info on that program see irs.gov and type VITA in the search box.
If you are 16 and living with your parents, you would be their dependent unless you are providing over half of your own support (and the room and board they provide counts as support). You can't claim an exemption for yourself even if they didn't claim you - some of the other responders make it sound optional whether they claim you or claim yourself - it isn't, there are specific rules.
You'll also have to file a state return. The VITA people can do that also if you go to them.
You are 16, a college sophomore, and working two jobs? Keep up the good work.
2007-10-05 12:46:36 · answer #1 · answered by Judy 7 · 2⤊ 1⤋
yes, you can file your taxes separately.
Use the 1040EZ form.
It will ask you somewhere on the form if you can be claimed by anyone else (they can claim you since you live with them and are a minor). Just mark yes and follow the rest of the instructions (mark yes even if they don't plan on claiming you). Since you are under 18 you should get a very nice tax refund.
Don't forget to file you state taxes as well.
You can get the forms usually at the post office or the library.
2007-10-05 19:40:13 · answer #2 · answered by baby G 3 · 0⤊ 1⤋
I started filing my own taxes as soon as I started working and I was 16.
2007-10-05 19:46:45 · answer #3 · answered by M e 2 · 0⤊ 0⤋
Under one and breathing. It takes income. Age is irrelevant. Think of the child stars who make more money than their parents.
If you don't make much, you can file your own return without your personal exemption so your parents can still claim you.
2007-10-05 19:42:02 · answer #4 · answered by Anonymous · 1⤊ 0⤋
As long as you have some income, you can file taxes as a single. Just make sure that your parents do not claim you. Usually they like to claim you as long as they can because it will gain them more money than you........typically. Some parents will payback their kids the amount that they would of gotten if filing on your own.
Be sure if you are filing individual taxes that you pay close attention to the deductions. College tuition and books are able to be deducted from your gross wages.
Hey, when it comes to the gov, we all need as much help as possible!!
2007-10-05 19:47:16 · answer #5 · answered by Cate 4 · 0⤊ 5⤋