 Earned Income credit $2941 in interest income, no credit? |
| Filing my 2007 return. I only earned $15,300 this year. Have $100,000 in savings that earned me $2941 in interest income. Worked the EIC worksheet and it said I do not qualify for the credit!! Had I ... |
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 Is it better to pay the high fees for H&R Block, or file free with the IRS? |
| I know you probably won't get as much in deductions from the IRS, but in the end which is the better option?... |
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 Change on dates for tax stimulus refund?? |
Has anyone heard that the dates were changed and moved to a sooner date as to when the refund checks would be mailed?
Can you provide a link if you have one??
thanks!
Additional D... |
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 Why are bonus checks taxed at a straight 42%? |
Whenever I get a bonus check it is taxed at a straight 42%,does everyone get taxed this amount on bonus checks and why?I believe the IRS gets 25% while the rest goes to state,city and ss.
A... |
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 Taxes: I spend alot of money on gas. Is there a way to get some money back? |
I saved a bunch of receipts...
i drive 110+ miles a day to work, spend about 300-400 dollars a month.
can i get money back???... |
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 Employer does not withhold anything. Is she supposed to? |
| I am starting at a new hair salon in ohio. she is keeping 50 % of my services, plus $10 for maintaining equipment. She is not, however, withholding any taxes, social security, or anything. If she ... |
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 Does child have to claim social security survivor benefits? |
| My teenage son gets survivor benefits from his mom's death. The benefits are attached to his social security number. He worked part time this year, so it will be his first time filing an income ... |
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 Tax return question? |
I am a 19 year old student, i made $7800 last year.
447 withheld in federal income tax
482 withheld in social security tax
112 withheld in Medicare tax
how much am i ... |
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| Does anyone know what time the stimulus will deposit Friday? |
| Our small local bank processes electronic deposits first thing in the morning so if the IRS is depositing Friday afternoon it will be Monday before it is credited to our ... |
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 Question about direct deposit tax refund? |
| Hi. I mailed my taxes in about a month ago. I didnt do them electronically. I checked the "Wheres my refund?" website yesterday and it said they have received my forms and are processing ... |
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 Can I deduct milage on my income tax return? |
| I am new to the field of merchandising. I travel to various stores within a 50-100 mile radius, stocking and servicing different products. I travel anywhere between 30 and 200 miles per day. Can I ... |
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 Labours tax fiasco. Will there decision to scrap the 10 per cent rate cost them the election.? |
The cleaner who i see briefly in the morning said she would be 30 pounds a month worse off.
I said funny that i am white male and single and earn 30k a year and will be 30 a month better off ... |
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 Can I claim my 2 kids on my taxes even though I don't work?? |
| I am a stay-at-home mommy of 2 and was wondering if I can claim my 2 children even though I do not have an income. My boyfriend that lives with us works, but he owes the state ALOT of money so he ... |
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 Can you claim a pet on your tax return as a dependant? |
| It is dependent on you for everything; you buy it food and clothing; you take it to the pet doctor (vet); when you travel, you buy them a ticket. So, if pets are dependants, they should be claimed so ... |
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John P | Need some clarification on how taxes work? |
Okay so say i made $4000 last year and my parents could claim me. So If they claimed me on their taxes, i wouldn't be able to get my tax money back?
The reason for asking this is because id rather let them have that extra $2000 for claiming me rather me filing my taxes and only getting back like a several hundred dollars. |
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Russ B
 |
If you made less than $5350 then you will receive a refund of all the federal withholding.
Now, don't confuse this with all of the taxes withheld. The SS and FICA generally have nothing to with taxation (sometimes they do).
Hope this helps |
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frichalf
 |
just because they claim you, dosnt mean you shouldnt file, it just means they claimed your exemption, so when you file yours you claim zero exemptions. if you paid more than what you had to in taxes you will get a refund
still file! |
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Jeff
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Whether or not they can claim you does not affect whether you have to file your own taxes or not.
If they can claim you as a dependent, you simply mention on your tax form that you cannot claim yourself. I think it's Line 8: "Enter 1 if nobody else can claim you as a dependent". In your case, you enter a zero.
If they paid more than half your living expenses, they have the obligation to claim you. |
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Judy1
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You can still file even though they claim you. There's a place on your return to say that you can be claimed as a dependent, but you'll still get your refund if you paid in too much in tax. And if you made under $5350 and it was on a W-2, you should get back everything you had withheld for federal income tax. |
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bostonianinmo
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Your income is still well below the filing requirement amount of $5,350 for a dependent. You only need to file a tax return if Federal income taxes were withheld from your wages and you wish to have that refunded.
This has no affect on your parents' tax return. |
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Cathi K
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You can still file as a dependent. You get the standard deduction and not the exemption. You will still get your money. |
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acablue
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As long as you do not claim yourself as a personal deduction on your tax return your parents, if you are dependent on them (e. g. if you are a student), can use your personal deduction on their return.
That would be more cost-effective overall, but it would mean that you would get less of your deducted money back. If you only made $4000 it is very likely that your tax liability even without the personal deduction would be negligible. Check it out and if it is worth it, go for it.
My daughter is in exactly this position and the IRS gave me the information summarized above. But, I offered to split the difference with her --- you might try that one out on your parents!. |
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kckid2
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It's not either/or. You both file. They claim the exemption, you don't. If you overpaid you tax, you get a refund.
Simple |
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