Tax question, under 18

[summitlt]

Im under 18 and im a student in high school. I heard (What a great source eh?) that beuing a student and under 18 that I get back all the taxes that were taken from my check every week. Messing around in turbotax didnt reveal this.

I made a little over 7K last year, with over $500 in taxes taken out. Is what I heard true?

 

[Menzenski]

You won't get back everything that's withheld. You should get back all the withholdings for your federal (and state too, I think) income taxes, but not what was taken for Social Security and Medicare.

 

[jpars]

Im not sure how it works where you are, or if it is standard across the board, but at my part time job in OR i didnt even have to worry about taxes. Gets deducted automatically out of my paycheck, and if you are under 18 you dont even have to file unless you make like 9k or something, and if you are 18 in high school and making 9k please tell me how its done . :laugh3:

 

[Geepfreak]

Somewhere along the lines, your parents come into play with this... Daddy claiming you?, Mommy claiming you?

I think you should probably contacting a TAX professional for this type of advice.. The Auditor is not going to say, "oh, you got the info from a XJ group, nevermind on the owing us X# of dollars.."


My .02

 

[prb24]

Unless thigs have drastically changed...I don't remember getting much back at all. In fact, when I was 17, I had to pay. Not much, but pay I did. I never really got anything back worth bragging about until I bought a house and had a kid.

 

[Kejtar]

Fill out the paperwork and run the numbers. IIRC when you choose the appropriate options as they pertain to you, you will be given a formula which will allow you to figure things out and you'll know. Anyways I don't think it's an age thing as much as how much you've earned as a dependent.

 

[UNCC_99XJ]

I'm in the same boat, however my mom takes care of the taxes so I don't know the whole details on it. I do know that i'm getting all of my Federal back $200-300, but I might have to pay a bit on my state...still waiting. Last year i got back most of my Federal and State.

So to answer your question, Federal: Probably, State: Maybe. I believe in the end it all depends on what you claimed (hopefully ZERO (0)) on your tax forms when you filled them out, and how your parents are claiming you. I know in my case my parents are divorved and I live with my mom only...so i'm not sure if that has anything to do with it.

I'm 17 in HS making about 5-6K a year @ $5.90/hr average, with a car payment. So to answer the previous question of how it can be done, all I can say is that it can, but its a pain.

 

[Sniggs]

Ask your mother.

 

[Gridikal]

Ditto ask mum

I worked and paid taxes since age 11 and never got that much (maybe 25-50$..usually nothing) and I was making about the same as you during those years.

 

[summitlt]

Ok, I just thought I got all of it back because of what people said (Like I said, great source!)

This is so much fun.

 

[dmillion]

First off, taking tax advice from an internet forum is just about as smart as taking legal advice from an internet forum, which is to say NOT SMART AT ALL!!! Whatever anyone here tells you, you need to take the time and do the research to verify for yourself.

Having said that, the short answer to your question is, no, you do not get any special tax break for being 18. You still have to file a return and pay, or not pay, based on what you earned during the year. There will also be some differences depending on whether or not your parents claim you as a dependent. In particular, if your parents claim you as a dependent then you cannot, on your own return, claim a personal exemption for yourself; this rule will probably increase your taxes while reducing your parent's (who are probably in a much higher tax bracket than you).

Bottom line is that you should be working out your own taxes in coordination with your parents, at least if you are still dependent on them. If you have been living completely on your own and were NOT a dependent of your parents last year then you should probably buy Turbo Tax or Tax Cut and go through the steps in it to calculate your taxes. Both of these products work pretty well, step you through the process, and have good tutorials and links to explain the tax laws to you.

Good luck!

 

[Pelican]

You indicated that you have have been "messing around" in Turbotax. If you will go through it step by step (which you will ultimately have to do in any event) you will get the answer you need. As others have pointed out, you will need to know whether your parent(s) are claiming you as a dependent.

I would go ahead and learn to do this online at www.irs.gov and click on Freefile where you can choose a company like Turbotax that will walk you through the process at no cost. In theory you can complete your return and file electronically without ever getting up from your computer. As a practical matter you will no doubt have to take some time to ask your parents some questions. I am assuming there are no age restrictions on this--I don't believe that there are.

I will say that doing a paper filing is probably actually easier than wading through the questions but by doing it online it will be done correctly, the overall experience is faster and you will get your refund quicker by filing online.

 

[luderitz]

You should at least get back enough to buy yourself a membership! :-D

 

[woody]

You should at least get back enough to buy yourself a membership! :-D

Im under 18 and im a student in high school...

I imagine the folks are claiming you as a dependant... that changes the math a bunch on your return. Assuming you know exactly how much you made and how much you paid to the fed and your state... and assuming there is no "odd" income from investments or intrest bearing accounts in your name, go find or download the 1040 EZ + your state books/forms (local library?) and sort it out yourself...

I made my 17yo do her own EZ forms last year (on $5k simple wage income, one W2) and she handled it easily... If you have been awake in HS, and can run a + and - key on a calculator, you can handle it too!

will be here when ya turn 18...

 

[old_man]

Pay lots, you have to fund my retirement :laugh3:

By the way guys, cut him some slack. He can't sign up until he is 18.

 

[karstic]

Do like the rest of us when we were teenagers making minimum wage and go down to your local library or post office, pick up a 1040EZ booklet and read the directions. Its pretty straight forward, even the math is simple. You can add and subtract, right?

 

[XJ_ranger]

On behalf of the Midwest Society for the preservation of the Jeep MJ i request that you dont file a tax return and instead give me your MJ before you kill it anymore.

 

[summitlt]

Wow, what it is with everyone saying im going to kill ***MY*** MJ?

Because of a burnout? Yeah, thatll kill it?