Doing the tax return thing?

Question

This summer I got my very first job. I am only fourteen years old. My aunt said I should file for tax return when the time comes but my mom said I wont have to (for some reason I trust my aunt over my mom). I will probably make a little less than two thousand dollars this year. Will I need to file for tax return? And if so, how and were? Thanks for any helpful answers.

Answer 1

They might both be right.

Your mom is right, you don't have to, assuming you are working as an employee and they are taking out social security and medicare.  But if anything is being withheld for federal income tax, your aunt is also right - you should file to get it back, even though you aren't required to.  If nothing is withheld for federal income tax, there's no point in filing federal.  If state income or local income tax is withheld, you might or might not get something back if you file a state or local return, depending on where you live.

You won't get back what they take out for social security and medicare.

Answer 2

based on how much you will make, you dont have to file.

but you may want to file to get a refund of the tax you over pay.

Answer 3

If you make more than $5,000, or had "unearned income" of $850 (such as bank interest or stock dividends) then you MUST file.

If you had income taxes withheld, then you SHOULD file, especially if you'll be getting a refund.

The yearly routine for filing taxes goes like this:

Late January / Early February, you receive a W-2 form from your employer.  It's a summary of what income you made during last year.

Mid-late February - Fill out your Federal tax return.

If your tax return says that you get a refund, mail it immediately.

If it says that you owe money, then sit on it until April 15, and spend the next two months saving the money so that you can send a check along with your tax return.

Early March - Fill out your state income tax return (if you happen to live in one of the 44 states that has a state income tax.)

If you don't have anything unusual in your taxes (such as lottery winnings, selling stock, etc.), then you will file Form 1040EZ for your federal income taxes.

This is one case where the government is not lying; the form 1040EZ really is easy to fill out.  Here is the ENTIRE form from last year:

INCOME SECTION (how much did you make last year)

Line 1: Enter your income (lookup it up on your W-2 form)

Line 2: Taxable interest (savings accounts, etc.)

Line 3: Unemployment compensation and Alaskan Permenant Fund Dividends (for most people, this is $0)

Line 4: Add lines 1, 2, and 3 (that's not hard...?)

Line 5: If someone can claim you as a dependent, fill out the worksheet on the back, and enter that amount here.

Line 6: Subtract Line 5 from Line 4, and enter here. This is your 'taxable income"

(Are you with me so far?)

PAYMENTS AND TAX SECTION

Line 7: Federal income tax withheld from box 2 on your form W-2 (copy the amount from your W-2, and enter it here)

Line 8a: Earned Income Credit (for most people, this is $0)

Line 8b: Nontaxable Combat Pay election. (If you didn't go into combat, this is $0)

Line 9: Add lines 7 and 8.  This is "total payments" (in other words, how much money was sent to the government during the year to pay your taxes)

Line 10: Tax.  Look up the value on Line 6 in the table in the back of the book, and enter that here.

REFUND SECTION:

Line 11: If line 9 is larger than line 10, you get a refund.

Subtract line 10 from line 9, and enter the amount here.

Enter your bank information so your money can be direct-deposited.

Or don't enter it, and you'll get a check in the mail.

AMOUNT YOU OWE SECTION:

Line 12: If line 10 is larger than line 9, you owe the IRS.

That's it.  Sign the return, and mail it (and possibly the check)

Answer 4

If you have any income tax withheld, you will want to file to get it back.

Answer 5

If you are only making about two thousand you don't have to, but you should.  You know all those federal taxes they take out of your check, you might get most of it back. If your parents have you on their taxes make sure you let who ever is making your taxes know.  You can go to a tax place and get a free estimate.  HR Block gives free estimates but are expensive.

Answer 6

You may make $5,450 in earned income (wages) without being required to file a tax return.  This would assume that a parent is taking your exemption (using you as a dependent).  However you may wish to file a return if you had income tax withholding taken out of your pay. If that were the case you could use a simple 1040EZ form to recover that withholding.

Answer 7

You must file a form 1040A if you want to get back the taxes that were deducted from your pay.  However it is important that you do NOT claim yourself as a dependent.  Your mother will still claim you and your filing will not affect her tax return in any way.

Email me if you have any questions.  

Edit.  Oops, I meant 1040EZ.