1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Do I need to file taxes?

Discussion in 'Business & Tax Advice' started by revanyo, Jan 28, 2014.

  1. revanyo

    revanyo Junior Member

    Joined:
    Sep 6, 2013
    Messages:
    107
    Likes Received:
    22
    So I am a full time college student who lives with my parents still. I also have a part time job where I made about $10,467 in one job and $722 in another, and I will be 21 in May. The thing is my parents are claiming me as a dependent.

    So do I need to file?
     
  2. rhyeal

    rhyeal Newbie

    Joined:
    Oct 4, 2013
    Messages:
    22
    Likes Received:
    9
    Occupation:
    I make more money for people with money
    Location:
    Western Hemisphere
    Disclaimer: This isn't tax advice. Edit: This is for a US citizen filing with the IRS. If that's not you, this doesn't apply.

    Yep. You've got to file likely since you'll have W-2 / 1099 income with an employer (or affiliate network, Google, etc) and they'll send that form to the IRS. Generally speaking, all being claimed as a dependent means is you're not eligible for a personal exemption / some student loan exemptions.

    Go see HR Block or a CPA to get tax advice :)
     
    • Thanks Thanks x 1
  3. coreyvf

    coreyvf Regular Member

    Joined:
    Nov 1, 2013
    Messages:
    310
    Likes Received:
    130
    Occupation:
    Laptop entrepreneur
    Location:
    Canada
    Home Page:
    The answer to these questions is almost always yes, unfortunately.
     
  4. Meloman

    Meloman Jr. VIP Jr. VIP Premium Member

    Joined:
    Jun 24, 2013
    Messages:
    361
    Likes Received:
    168
    Occupation:
    SERP Killer
    Location:
    NYC
    Home Page:
    I believe you don't since most part time Jobs take taxes, W-2. If you are talking about IM money then you do. If it is an off the books job you have to pay. There are a lot of factors to a correct answer.
     
  5. rhyeal

    rhyeal Newbie

    Joined:
    Oct 4, 2013
    Messages:
    22
    Likes Received:
    9
    Occupation:
    I make more money for people with money
    Location:
    Western Hemisphere
    Filing your taxes is not the same as paying taxes, FYI. You usually don't have to pay additional taxes if your company files a W-2; taxes are taken out of your earnings. However, you still have to complete your tax return to see how much more you owe or how much the IRS owes you.

    Frankly speaking, under $600 in cash, you don't have to file with the IRS...