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t.wes87 | My TAXES…Should I file, Should I not file? |
I have been living with my parents, and still living with them. I’m 21, attending college and working at the school. Last year, my W-2 came, but did not file it. This year, it came again and was thinking about filing. But the problem is, financial aid (FAFSA) pays for my tuition and I’m listed as my dad’s dependent both on his taxes and on the FAFSA form. Would that affect me if I file? Would that affect my dad? Would I be automatically dropped from my dad's taxes as his dependent? And, most importantly, would that affect my Financial Aid status?
Please help! If you could please list your source, that would help a lot since this is very serious to me. |
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Judy1
 |
If you made over $5450 for the year ($5350 in 2007) you are required to file. If you made under that but had anything withheld for federal income tax, you can file and get the withheld amount refunded. Be sure to check the box on your return that says you can be claimed as a dependent.
Filing won't affect your dad's return, and won't affect your financial aid. |
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Gill
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Well if you claim yourself on your job you should have put zero dependent, you should file, the longer you wait, the more back taxes you will have to pay the IRS, you have up until three years to file, if you think it will hurt you and your dad, in any kind of way then don't.. the most that will come up out of this is, when you're done with going to school and all, and get the job, start to file taxes, that's when you'll have to pay back the IRS.. some tax papers get to old to file, so you will have to pay money to IRS then, this happened to me, you won't have to pay that much, it's not the small time tax payer, their looking for, it's the big guys... |
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Tax Lady
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Go ahead and file. If you didn't make much, and you had Federal taxes withheld, you will get a refund.
As your father's dependent, you can't claim yourself, but you are still entitled to the standard deduction. You will not be dropped from your parents' taxes. As long as are a full-time student, under the age of 23, living with parents who provide more than 50% of your support, you are their dependent, and they have the right to claim you.
You might want to go back and file taxes for 2007. It's not too late to get a refund if one is due you. |
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Mike
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t.wes -
You definitely need to sit down and talk with someone. If you don't file, you are a prime candidate for penalties, interest and potentially jail time - even if your dad is claiming you as a dependent. But, it all depends on your specific tax situation. I would highly recommend that you speak with a CPA or tax professional.
You could try the site below...I found it very helpful and they are extremely fast and friendly. They are CPA's but I think they moonlight and prepare taxes so they have "day jobs"...it's not like they are doing it for the money. They're just trying to help people out. Also, their rate can't be beat...last year, I paid something like $50 and they prepared my return for me and got me the refund fast. I didn't even have to do too much work...just sent them the forms I received in the mail (W-2, etc.) and I was done! |
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stephenweinstein
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If you have to ask the question, you should file. There is nothing to lose. If your tax is not zero, then you are required to file. If your tax is zero and you do file, then you owe no money and might receive a refund.
If it is legal for your father to claim you, then, when you file, you must check a box that indicates that another person (your father, but you do not have to indicate that) can claim you and you are not claiming yourself. If you do this correctly, then your filing will not affect your father's taxes.
If your father is claiming you illegally, then you do not check this box, the IRS investigates why you are claimed on two filings (yours and your father's) and your dad gets in trouble for claiming you illegally.
Whether it is legal for your father to claim you does affect your taxes. Whether he does claim you does not affect your taxes.
Financial aid used for tuition, etc., does not affect taxes. If you are using financial aid for another purpose, such as to buy a car, then it is taxable (and illegal if it is from the FAFSA). |
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alex
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go to jail |
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case
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I always just had my parents file for me if I was their dependent, because I'd usually get more money back that way (they'd get it, and write me a check for my portion)... But if NOBODY is filing for you, you must file. Every W2 must be accounted for in some way or another. |
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Megan
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no nono i speak from personal experience; unless you are making a **** ton of money; you can still be considered a dependent until you are 23 i believe.
and if you don't file.... there is a preeeeeety good chance you are going to jail. |
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junkfood1
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ask tax people if you should |
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I EAT DIRT FOR BREAKFAST
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Dont file just get some money from your dad since u are his dependent whenever he gets his refund. |
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