What do you know about filing for income tax return?
Posted on June 11, 2009 by admin
sydney_sunday asked:
I am 20 years old and I still live at home with my parents and they also pay for my college. What is the income amount that does not require me to file an income tax return? If I made $14,000 that year, would I need to file an income tax return?
I am 20 years old and I still live at home with my parents and they also pay for my college. What is the income amount that does not require me to file an income tax return? If I made $14,000 that year, would I need to file an income tax return?
yes and the taxes paid out from your income is generally what you will get back (barring stuff like investments, savings accounts etc)
Yes you have to file a return. If you are a dependent on your parents return you must file if your income is over $5,150. If you are not a dependent then you must file if your income is over $8,450. You should file form 1040 EZ. If you are a dependent on your parents return make sure you check the box on line 5 and fill out the worksheet on the back.
If you can be claimed as a dependent by your parents, which you probably can, the limit is $5150. Your income is high enough that you’d have to file even if you couldn’t be claimed as a dependent – the limit then is $8450.
If all your income is wages, you can make up to $5,150 and you will not have to file a tax return.
If you made more than that, you need to file a return.
Always have to file a return on earned income… Make sure that you indicate that your parents can claim you as a dependent!
Also, check out the following link to see how you can get your filing expenses paid for this year!