I'm 17? What happens if I file taxes?

Question

First of all, can I since I'm only 17? Second, would I end up GETTING money back or paying? Because some people have told me I'd end up PAYING instead of getting anything back. But I pay a lot of taxes from every check I get-- A lot is deducted. I make 8 bucks an hour and work 25 hours a week.

Answer 1

Depends on what it's deducted for.  If nothing is deducted for federal income tax, then you wouldn't get anything back.

If you make over $5450 in 2008 you not only can, but are REQUIRED to file a tax return.  If you had too much withheld for federal income tax, the extra will be refunded, but if you didn't have enough deducted you'll have to pay the extra.

If you work the 25 hours a week all year, or even seven months or so, you'd make enough to be required to file.  Your federal income tax will be around $500.

Answer 2

If you make $200 a week for 50 weeks, that is $10,000.  This level of income would require you to file a tax return, and you would owe some tax (somewhere between about $200 to $500).

How much tax you owe depends on whether you are claimed as a dependent or not.  You are a dependent of your parent who you live with if you do not pay for over half of your own support.

Even if you are not required to file a tax return, you should file if income taxes are taken out of your pay.  Filing a return is the only way to get an overpayment refunded to you.

Answer 3

If you have taxes withheld from your paycheck, you should be filing a tax return.  Age has nothing to do with it.

If you get a refund, then you had too much money taken out of your paycheck.  If you owe, you got an interest free loan from the government.  As long as you owe less than $1000 you will not be penalized.

If you have a good idea of what your total income, total deductions, and total tax withheld will be for the year, you can determine what your tax return should look like for 2008.

Answer 4

If you income exceeds the filing requirement, you MUST file your tax return. If you don't do it, you may get into problems.

Even a new born must file tax return, if the income exceeds the filing requirement.

For filing requirements of a dependent, read this

http://taxipay.blogspot.com/2008/02/fili...

Answer 5

you may HAVE  to file taxes even if you are 17.   there is no minimum age on who must file.  if you make over certain amounts you have to file.

you make it sound like a lot is being withheld. this may mean that if you file you will get a refund.  almost all people overpay their tax and that is why they get a refund.

do your taxes, best case is you will get a refund. worst case is you will not get in trouble for not filing....so actually both are good for you.