2007-10-14 19:47:07 · 8 answers · asked by cindy 1 in Business & Finance ➔ Taxes ➔ United States
Yes u do need to file taxes. As long as ur working and earning money than u need to file. If u don't than the IRS is gonna come after u to get their money one way or another.
2007-10-14 19:55:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Okay, I'll be the odd man out. Don't listen to these nut jobs.
If you made less than $5150 during the year, you don't have to file regardless of your age or where you live, but for people still living at home with their parents, it gets a little tricky.
Here's the rub: if anyone else (like your parents) can claim you as a dependant, you're not allowed to claim yourself, even if they forget to list you. So your zero bracket will be different than that of others. (Normally, if you make less than $8450, you don't have to file.)
If your parents CAN claim you, you lose the $3300 exemption for claiming yourself, that's why I told you the lower amount instead. If this is the case, fill out the 1040 EZ, turn the form over and fill out the worksheet on the back. You'll get part of that $3300 anyway.
If you made more than $3300, and you're over the age of 18, then your parents can no longer claim you at all (unless you're in college full time). If that's the case, your zero bracket is the same as everyone else's: $8450.
2007-10-15 03:28:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends on how much you make, not your age. If you make over $5350 for 2007, then you have to file a federal return. If you made less than that, you don't have to file if it was from a job where social security was deducted. But if anything was withheld for federal income taxes and you made under $5350, you can file and get it refunded to you.
State rules differ, and some places you are required to file even if you don't have to file federal.
2007-10-15 13:59:32 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
If you are a dependent, then
you must file a return if any of the following apply.
• Your unearned income was more than $850.
• Your earned income was more than $5,150.
• Your gross income was more than the larger of:
$850, or
Your earned income (up to $4,850) plus $300.
*Your self-employment income is $400 or more.
Parents can choose to include the child's interest and dividends on the parent's return if certain requirements are met. Use Form 8814, Parents' Election To Report Child's Interest and Dividends, for this purpose. (If you have earned income, you must file your separate return). If child's investment income is less than $1700, it will be taxed at child's tax rate. If the Investment income is more than $1700 it will be taxed at Parent's tax rate, and Form 8615, Tax for Children Under Age 18 Who Have Investment Income of More Than $1,700, must be completed and attached to the child's tax return.
2007-10-15 04:06:05 · answer #4 · answered by MukatA 6 · 2⤊ 0⤋
yes you do.. if u work and u are 18 and above, u should file taxes.. it doesnt matter if u are or not living w/ ur parents. as far as i know, u need to file taxes if u made more than 7 thousand dollars a year.. Call IRS for more info..
2007-10-15 02:53:59 · answer #5 · answered by jzasmplchk 1 · 1⤊ 4⤋
Yes, they even want your money that greedy I.R.S. I had to file when I was 14!
2007-10-15 02:54:51 · answer #6 · answered by fantagirl 4 · 1⤊ 0⤋
Just to put it the way the IRS would tell you----the house didn't make the money, nor did your parents... You did!!! You can pay me now or pay me a WHOLE LOT later!!!!!!!!!!!!!!1
2007-10-15 02:57:36 · answer #7 · answered by epat87 3 · 1⤊ 0⤋
for three reasons you NEED to pay taxes
One- You are alive
Two- You are working
Three- You are eligible
Cheers & enjoy taxing:):)
2007-10-15 03:03:00 · answer #8 · answered by khushi 2 · 1⤊ 0⤋