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How to file tax extensions?

Should a 17 year old with a part-time job file tax return or just stay with their parents?

  • 1: I'm 17. I co-op in UPS. And I don't know if I should file tax return this year or just stay with my parents. 2: I was doing the FAFSA, and it needs to know if I'll file tax return this year or not. 3: When I was on my orientation at UPS. I put "o" to claim, I didn't know anything about tax back then, and the lady told me to put "0", is it gonna effect how much refund I'm getting back if I decided to file my tax return? 4: If I file tax return this year, am I still gonna be a exemption under my parents' tax return form? If I don't file tax return, is the refunds I suppose to get gonna combines to my parents' refund? Or what will happen to it? 5: On the UPS employees' website, my tax(I think it's W-4, but isn't it suppose to be W-2?) form, I still leave "0" to claim, because I didn't know what I suppose to put down. If I decide to file tax return, what adjustments should I make to the tax form? Thanks!

  • Answer:

    There is no such thing as "stay with your parents" on your tax returns. If you have enough income of your own, you file a return. If you don't have enough income, you don't need to file. A child's earned income is never part of their parents' tax return. If you are under 18 (or under 24 and a full-time student) you are a dependent of your parents. When you fill out your tax return, you will answer "yes" to the question that asks if you can be claimed as a dependent by any other taxpayer. You don't DECIDE to file a tax return. If you earned more than $5800 this year, you MUST file. If you earned less than that, you don't have to file, but filing a return is the only way you'll get back the money that your employers withheld for federal taxes. A zero is perfectly appropriate for your W-4. You could change it to a 1 if you'd rather have more money in each check and less money returned to you at the end of the year.

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Your parents claim you as a dependent. That has nothing to do with whether YOU file a return, and if you do, you file your own, not as part of your parents' return. If you made over $5800 total for the year, you don't have a choice, you're required to file. If you made less than 5800 but anything was withheld for federal income tax, you can file and get it refunded. And any refund you have coming will come to you, not combine with your parents. If you have a refund coming but don't file for it, the government just keeps it. Putting zero on your W-4, which was correct, controlled how much they took out for federal income ta, which in turn affects whether you get a refund and how much.. Yes you're an exemption on your parents return - be sure to note on yours that you can be claimed as a dependent. You don't get an exemption on YOUR return for yourself.

Judy

your non taxable income for 2011 is up to $5800(this is not investment income but wages or self employment) and until you are 19(and attending full time school 5 months of the year, living in your parents' household 6 months of the year and they provide more than 50% of your support) you are their dependent this means you cannot claim your personal exemption which for 2011 was $3700 normally you can file your W-4 as single 2 in most cases but if you want help, to go www.irs.gov and search for the W-4 calculator

tro

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