How do I know if I'm supposed to file Federal Income Taxes?

How do I know if I'm supposed to file Federal Income Taxes?

Postby fitzgibbon48 » Tue Apr 12, 2011 1:10 am

I'm 22, and I live at home with my parents. I'm pretty sure my dad (as always) will list me as a dependent. However, I did start a job at a test-prep company at the very end of February, and I'm still waiting for my first paycheck to be processed. Therefore, I wouldn't have any money to give to Uncle Sam to begin with.

I did fill out that W-4 tax form when I first got the job, and turned it into my employer. And I heard somewhere that if you make less than $2000 in that year, you don't have to file federal income taxes anyway.

So am I clear?
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How do I know if I'm supposed to file Federal Income Taxes?

Postby lakeland86 » Tue Apr 12, 2011 1:11 am

The tax returns that are due on April 18th are for income earned in 2010. If you did not have a job and earn income at any point last year, you have do not need to file because you did not pay any taxes to the government in the first place. You will have to file next year for income earned from this new job.

As for that rule, don't listen to it. It's a way for the federal government to keep any money in taxes that you might have overpayed. Generally, if you make less than the cut off, you get all of your taxes back, so it's worth filing.
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How do I know if I'm supposed to file Federal Income Taxes?

Postby korey20 » Tue Apr 12, 2011 1:14 am

you don't mention attending school so at 22, and not attending school, your dad cannot claim you
if you earn $3700 during 2011, not attending school you also cannot be claimed as a qualifying relative
therefore your income for 2011 that will not be taxable is $9500
sometimes even making $2000 if there were income taxes withheld on your W-2 you would want to file to get that refunded
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How do I know if I'm supposed to file Federal Income Taxes?

Postby tearlach » Tue Apr 12, 2011 1:15 am

You need to ASK your dad if he claimed you as a dependent. He could still do it, and if his return hits the IRS first then yours will be flagged if you don't state you were claimed as a dependent. Divorced parents do this all the time to each other... one claims them without telling the other, then the other files... and the IRS has a fit and reject the 2nd parent's claim.

I don't think that school has anything to do with whether or not someone can claim you as a dependent. Generally, anytime you are paying more than 50% of the costs to support someone (MOTHER, FATHER, GRANDPARENT who is likely NOT in school hence SCHOOL has nothing to do with claiming someone as a dependent...) then you can claim that. So ask your dad what he did.

Look at your paystub. If you had any Federal things taken out for 2010, you should file. Even if you didn't make much, you can get what you paid back.
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