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| *The Commerce Journal>>>United States Taxes |
How much tax do I get back if I am 17? |
So I am 17 years old, I go to high school as a senior. Currently living with both my parents. They support me 100% I made 5216.70 this year before taxes. My earnings statement (tax section) saids: Edit: I tried tax calculators like the HR block one, It saids I get back 415 which doesn't seem right because it saids I qualify for some sort of credit for 400 dollars. Youll prob get back all of your state and mos of your federal. Or is it vice versa?? Hmm. But im assuming what you have listed above cant be total for the year for your 5000 dollar earnings because if so you must have been filing a high number all year which means theyve been taking out less taxes on you which means youll get less back. There are some tax calculator sites on the net. MSN had one I know. Try using them. I would estimate around $2500. I'm guessing you'll get all of it back, since you made so little money. You'll find out for sure when you fill out your tax return. You can actually start on that now if you want. The forms are free for download on the web. Can't tell you what would be best. You need to talk with a twx person as to how to best file whether dependent or individual. If my experience has anything to say it is you will owe 10 times as much as will be heavily penalized for even working. IRS is for themselves only and rules are written to take money from the taxpayer so they can support deadbeats and democrats. If your parents claim you as an exemption, you cannot also claim yourself. You would only get the standard deduction of $5350. Since your earnings are less than the standard deduction, you should apply for a refund of your $15.47 in federal taxes. Fill out form 1040-EZ or 1040-A. You may even qualify for free electronic filing. You screwed up dude. Unless you got a few decimal points in the wrong spots, you might have to pay in on your federal and state taxes. By the time I made 5000 this year, i had already paid in 688 to federal. You filled out the estimator wrong. When you file your tax return, make sure that you don't claim your own exemption. You status is Single dependent. Your parents can claim your exemption. Unless you messed up entering the numbers, you will only get back $15.47 in Federal tax. Since you made under $5350, you'll get back your $15.47 that was withheld for federal, and maybe some or all of the $34.70 for OR state income tax. You'll have to file tax returns to get the money refunded to you. |
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