Jennifer
 |
From a tax accountant - If you made over $850 then you have to file a return. If your parents are claiming you as a dependent, then you can not claim yourself. Your tax professional needs to luck at their return and yours to determine which is the best way to file. |
|
Justheretohelp
 |
Yes you will need to file a retrun, however on your return you will need to indicate that you are being claimed by your parents. In most circumstances, you will everything you paid in on Federal withholding |
|
easy tigerâ„¢
 |
Yes and you will probably get all back what you paid in. |
|
MarineMom
 |
If your parents are claiming you as a dependent and your income was under $5,150 in 2006, then you are not required to file a tax return. However, you may want to file one anyway (a 1040EZ) because you will most likely get back whatever they took out in federal taxes as a refund! My teenage son did not make that much last year either just working a part-time job and being in school, but he still filed a return and got back what he paid in federal taxes. It's very easy to file online for free so you may as well just do it! Here's a link to the IRS free efile site-http://www.irs.gov/efile/article/0,,id=118986,00.html just in case you need it! |
|
kmcnally1481
|
You dont have to file taxes if you have made under a certain amount for the year, you would have to call a tax professional to find out the amount |
|
Judy1
 |
If you made over $5150 for the year, you do. Or if you had self-employment income (1099-misc) over $400.
If you don't have to file, but had anything withheld for federal income taxes, you can get the amount refunded to you if you file a return. |
|
wljohnso
|
Yes.
But check out www.irs.gov for specifics. |
|
Allan E
|
Unless you earned a super high rate of pay, then you will not be required to file because you will not owe the government money, they will owe YOU. The first question to answer is whether taxes were withheld from your pay. If taxes were withheld, then you WANT to file in order to get a refund of what was withheld. It is the only way to get it back. |
|
first2third
 |
The correct answer is if you made more than $5,150 and a parent claims you on their taxes as a deduction, then you must file. I assume being 16 your parents still claim you as a deduction.
If your employer has witheld some of your money for FICA taxes then you may want to file to get that money back. If you haven't paid any FICA tax you wouldn't get any money back anyway. |
|
Chris G
 |
You will likely WANT to file taxes (assuming that your employer withheld taxes on your paycheck which is likely) as you will probably get all of the money that your employer withheld paid back to you. Also, if your parents have invested any money in your name, any interest or dividends paid on those investments should also show up on your tax return. Most likely, your taxes will be VERY simple, and you can file the form 1040-EZ which only has a few lines on it. It’ll probably take you ½ hour or so, even if it’s your first time (assuming you have your form from your employer called the W-2 form which they’re required to mail you.) |
|
o2tan
|
As a minor, your parents have to include your earnings on their taxes and pay at their rate.
So, if you parents earn about $150k and the major earner is self-employed, their rate could be well over 42% when you include federal, state, and self-employment taxes.
When you reach the age of majority remember this when you vote. And think carefully before voting for the "soak the rich" candidate if a.) you'd ever like to be rich and b.) if you plan on working for anyone who isn't poor. |
|
hljadds
 |
How much money did you make? Better safe than sorry. You may not need to pay taxes on the income but you should still file a return |
|
WitchTwo
|
You are not required to file unless you had income of more than $3300. If federal income taxes were withheld from your wages you want to file to get that money back. Just make sure you do not claim your own exemption. Thats a common problem with your people doing their own return, as is the issue with H & R Puff n Stuff. I fix a lot of these! |
|
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
