Comments on: Need Some Clarification On How Taxes Work?

By: Russ B

Russ B — Thu, 21 Jan 2010 16:05:32 +0000

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

By: Sarge

Sarge — Thu, 21 Jan 2010 16:05:32 +0000

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!

By: Jeff

Jeff — Thu, 21 Jan 2010 16:05:32 +0000

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.

By: Judy

Judy — Thu, 21 Jan 2010 16:05:32 +0000

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.

By: Bostonian In MO

Bostonian In MO — Thu, 21 Jan 2010 16:05:32 +0000

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.

By: Cathi K

Cathi K — Thu, 21 Jan 2010 16:05:32 +0000

You can still file as a dependent. You get the standard deduction and not the exemption. You will still get your money.

By: acablue

acablue — Thu, 21 Jan 2010 16:05:32 +0000

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!.

By: kckid2

kckid2 — Thu, 21 Jan 2010 16:05:32 +0000

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