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Posted by jhathorn on February 2, 2007, 1:32 am
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I need to find out if I am a dependant?
I am 18
I live with my parents
I am a student
I earned more than $10,000
Do my parents still claim me, or do I need to file my w-2?
Jon
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<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by parrisbraeside@yahoo.ca on February 2, 2007, 7:17 pm
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jhath...@gmail.com wrote:
> I need to find out if I am a dependant?
>
> I am 18
> I live with my parents
> I am a student
> I earned more than $10,000
>
> Do my parents still claim me, or do I need to file my w-2?
See Table 3-1 in Publication 17 (Page 26) for the definition
of Dependent. See Table 1-2 in Publication 17 (Page 6) for
your filing requirements
Read also about the Support Test on Page 28 of Publication
17.
These are the parts you need to start. If you read and based
on what you have said, I understand that you must:
a) File
b) Claim your own income (W-2)
c) Don't get an exemption 'cause your parents get it.
Sorry about the bad news. Welcome to the working world. You
don't have to take my word for this. Check out the details
yourself.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phil Marti on February 2, 2007, 7:17 pm
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> I need to find out if I am a dependant?
>
> I am 18
> I live with my parents
> I am a student
> I earned more than $10,000
>
> Do my parents still claim me, or do I need to file my w-2?
Probably both.
Unless you provided more than half your own support for the
year you are your parents' "qualifying child." That makes
you a dependent.
You still must file your own return because of your income.
Assuming that at least $5,150 of your income was from
working you will get that amount as your standard deduction,
but you get no personal exemption. If you have just turned
18 in 2007 and had more than $1,700 of investment income you
must compute your tax on Form 8615.
--
Phil Marti
Clarksburg, MD
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Paul Thomas, CPA on February 2, 2007, 7:17 pm
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> I need to find out if I am a dependant?
>
> I am 18
> I live with my parents
> I am a student
> I earned more than $10,000
>
> Do my parents still claim me, or do I need to file my w-2?
Possibly both. Your parents could still claim you as a
dependent, and, you need to file your own return for that
$10,000.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Bill on February 2, 2007, 7:17 pm
Please log in for more thread options jhathorn@gmail.com posted:
> I need to find out if I am a dependant?
> I am 18
> I live with my parents
> I am a student
> I earned more than $10,000
> Do my parents still claim me, or do I need to
> file my w-2?
Yes, and yes. The relationship of parenthood is a special
one, according to the IRS -- and so long as you live at home
and are a full-time student, your parents claim you until
age 24.
However, you should still file a return of your own, to
report your earnings. And you must acknowledge that you
_could_ be claimed as a dependent. That's inevitable, under
IRS regs, and you will therefore be unable to claim yourself
as an exemption.
That doesn't mean that you will still owe more tax.
Depending on the amount withheld (and you should have filled
out a W-4 claiming _no_ exemptions), you might well receive
a refund ... but that is separate from your status as a
dependent.
This is all detailed with reasonable clarity in Pub 17 for
2006, beginning at the bottom of page 25, with a excellent
chart and specific "caution" on page 26.
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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