Hello everyone, I am a high school student under 18 yrs of age who worked over the summer for the first time. I only worked for 2 months made about 2000. After reading other answers on the site I'm still a little confused when it comes to taxes etc. Now I put exempt on my forms and on my paychecks it said 0 under Federal and NY withholding -which I wanted- and got taxed for the obvioud med, etc.Now I'm just confused here, I know I don't have to file taxes since I earned under 5 thou but do I get a W-2 form etc. at the end of the year?
Thanks for all the help.
2007-12-30 12:35:54 · 7 answers · asked by Cyn 1 in Business & Finance ➔ Taxes ➔ United States
Yep. You'll get a W-2, probably around the middle of January. It will list the name of your employer, the amount of wages you earned, which will be gross wages, the amount of FICA withheld, etc. You'll want to check to make sure you don't have to file a NY state return, even if you don't file a Federal return. Some states are more picky about that than others.
Save your W-2 for 10 years. It is a record of your income for the year, and will answer any questions later on about why you didn't file a tax return for 2007. I know most people only keep them for 3 years, but ... as a tax professional, I always advise my clients to hang onto everything for 10 years. Anybody who has ever had trouble with the IRS will agree with this practice.
Hope this clears up your confusion.
Happy New Year!!!
2007-12-30 12:48:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, by law, your employer must send a w2 form, which tells how much you made and how much money had been witheld for Federal, State, Local and Social Security, Medicare or Unemployment, etc. Since you are a minor, your parents can claim you as a dependent, which means that you can't use the standard deduction. Since you earned so little, you most likely are correct, you dont' have to file. But the IRS gets a copy of the w2. Nothing to worry about. But I do advise in the future to withold some tax for federal, unless you want to pay in April (which some people do, and that's fine, as long as you set aside money every week all year). And BTW, the w2 form comes in the mail in January sometime.
2007-12-30 12:49:55 · answer #2 · answered by paperdoll198 5 · 0⤊ 0⤋
For federal, you are not required to file, and there's no reason to since nothing was withheld so you wouldn't get anything back.
For state, you might or might not have to file - depends on what state you live in.
Yes you will get a W-2 at the end of the year - or rather early in 2008.
2007-12-30 16:01:52 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Yes, you will get a W-2 at the end of the year. Your job does not know what you did for the rest of the year.
If you had more than 1 W-2, I would tell you to add them all up.
If you had any investment income, I'd tell you to add that up.
If all you have are wages and the total is less than $5350, you have no filing requirement and also no need to file because there is nothing to refund.
If you had wages and non-wage income, I'd ask if you had more than $300 of interest, dividends, etc. and if the answere was no, you still have no filing requirement.
If you had more than $300 of interest, dividends, etal, then you'd have to file. If you had $400 or more of self-employment income, then you'd have to file....
2007-12-30 12:43:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Employers are required to interchange misplaced W-2s. they are in a position to cost a sensible quantity, yet they are not allowed to refuse outright. You call the IRS on the telephone and tell them which you asked for a W-2 and your organization is refusing to furnish it to you. The IRS will mail you a "exchange" style so you might use to record your taxes without the W-2, and it will tell your organization to furnish you a W-2. in the adventure that your organization nevertheless refuses after the IRS tells them that they have got not have been given any decision in this count, then the IRS will wonderful your organization an mind-blowing style of money for refusing. you isn't in hardship. Your company will.
2016-10-10 16:23:27 · answer #5 · answered by ? 4 · 0⤊ 0⤋
You need to file a tax return if you had any income tax withheld unless you don't want your money back. You should probably file IRS Form 1040 EZ and its state equivalent.
2007-12-30 12:40:26 · answer #6 · answered by Anonymous · 0⤊ 0⤋
When you get your W2 forms and no taxes have been withheld and you only made $2,000, then you do not have to file anything. Keep the W2 forms for a few years.
2007-12-31 00:51:12 · answer #7 · answered by Gary 5 · 0⤊ 0⤋