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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21. January 2010 at 11:05 am
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
21. January 2010 at 11:05 am
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!
21. January 2010 at 11:05 am
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.
21. January 2010 at 11:05 am
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.
21. January 2010 at 11:05 am
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.
21. January 2010 at 11:05 am
You can still file as a dependent. You get the standard deduction and not the exemption. You will still get your money.
21. January 2010 at 11:05 am
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!.
21. January 2010 at 11:05 am
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