Will i have to file taxes?

Question

I'm 16 and i just got a job. And i was wondering will i have to file taxes, or is there a certain amount you have to make before you do. And do you have to pay in your first time???

Answer 1

Yes, you will file tax return if your income exceeds the filing requirement.

For a dependent's filing requirement, read: http://taxipay.blogspot.com/2008/02/fili...

Answer 2

I assume your only income is from your job.

There is a minimum you can earn and not have to file.  For you, this amount is $5,450 in 2008.   This amount changes each year.

If you make less than $5,450 you do not have to file.  But if you are not required to file, and your employer takes income taxes out of your pay, the only way to get your money refunded is to file a tax return.  You can file a one-page return, the 1040EZ.

Answer 3

Yes. File.  Uncle Sam says so. Fortunately, if you still can qualify as your parents dependent. they can still get EIC for you as well as you getting the monies withheld (FICA) from your paycheck.

Answer 4

I'm assuming your parents will be claiming you as their dependent, and that you're in the US.

As a dependent, you'll have to file a tax return if you make more than the standard deduction.  For 2007, that was $5350; it will be a bit higher for 2008.

Assuming you're required to file, whether you'll have to pay in will depend on whether you have enough withheld to cover the taxes you owe.  If you have taxes withheld, but aren't required to file, you'll want to file anyway to get back the money that was withheld.

Answer 5

if you make 500.00 or more you should file taxes,it wouldn't be smart not to b/c taxes will be taken out of your paycheck throughout the year automatically,b/c you must pay taxes.you must file your income taxes in order o be able to get a refund back for the taxes that you've paid throughout the year,otherwise if you don't file you won't get your refund money back the irs will gladly keep your money.