Tax Return Question
Moms View Message Board: General Discussion Archive: Archive February 2005:
Tax Return Question
DH and I have electronically filed our taxes, and will have our refund direct-deposited next Friday. Our teenage son (17) wants to file a return to get *his* federal tax money back (about $500 or so withheld from his paychecks). (I'm assuming this would be the 1040 EZ form) Is there anything I need to know on how to fill out this form correctly (not sure how it all works with him being claimed as a dependent on our return still)? I figured I'd post here because I know some of you have working teenagers (or have had in the past) TIA for any advice
He may not get it all back (he is a dependent and can not take that deduction). Go to Internal Revenue Service website. A whole bunch of free efiling websites if you make under a certain dollar amount.
On a side note, I would check for your 17 year old about putting "exempt" on his W2 if he makes less than a certain amount a year...I think it's $2,000?
I filed as a teen, and my parents still claimed me, but my mom had their accountant file all of ours. This is a tough one!! Perhaps you can call the IRS hotline, and get your answer that way, or it may be worth it to pay the $40 bucks or so to have a tax office do it. I always got all of my income tax back, so I don't *think* it matters that you claimed him as well.
Weel, I did my college student's and there was a question that asked- are you claimed as a dependent.
Download the free taxact program, It should cover this and is an easy way to do your taxes. If you want to efile I think it is like $10 www.taxact.com
I got it all figured out....he can make a little under $5,000 "tax-free" (I think it was $4,850 according to the tax form), but he made almost $7,000...he'll end up getting back about $250 in the end, though, so it's worth it for him to file anyway. I told him he made "too much money" to get it all back (a lot of his friends get all their money back, lol!)
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