How old to file taxes

how old to file taxes

If you receive more than a certain minimum income in any given year (the minimum changes from year to year) you are required to file a tax return, even if you are sure you are going to get a refund. (It may be clear to you that you are going to get a refund, but it is not obvious in most cases to the IRS unless you fill out a tax return and send it to them.)

In any case, you must file a return in order to get a refund.

For someone who is claimed as a dependent on their parents' (or someone else's return), if you earned more than $5350 on your W-2 in 2007, you are required to file.

You should file all of your past due returns, even if it is too late to get a refund.

All of the tax software sites (taxact, taxcut, turbotax, etc) have software for past years. But it is very expensive. If your only income is from W-2 wages, I bet you are eligible to file Form 1040EZ. Before you give up and say you don't know how to fill out a tax return and need software, do me a favor and take a minute and print out the blank Form 1040EZ right here:

At the top, fill in your name, address, and Social Security number.

On line 1, write the the amount in box 1 of your 2007 W-2.

On line 2, write the amount of interest you got from any bank accounts, or zero.

On line 4, add together line 1 and 2.

On line 5,

check the box that says "you."

Then fill out the worksheet on the back to find the amount to put on line 5. It's not hard, just do what it says.

Subtract line 5 from line 4 and put the answer on line 6.

Put the amount from box 2 of your W-2 on lines 7 and 9.

Look up how much tax you owe in the charts in this booklet:

and put the answer on line 10.

Subtract line 9 from line 10 and put the answer on line 11a.

Then sign at the bottom.

Staple a copy of the W-2 to the form and mail. You are done.

It is too late to get a refund for 2003.

You can get a refund for 2004 if you file by April 15, 2008.

You can find tax forms for previous years right here:

Since you can be claimed as a dependent on your parents' return, you will not be eligible to get the extra $600.

By the way, if you are only going to earn small amounts of money for the year (under $5000 is a good rule of thumb), get a Form W-4 from your employer and check the box that says "Exempt" and give it back to your employer. You won't have to wait until the end of the year to get your tax refund! Your employer will stop taking taxes out of your pay. If you anticipate earning a larger amount in a future year, file a new W-4 and revoke your exempt designations.

eldon · 8 years ago


Category: Taxes

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