Tax question

norcalchick · #1 02-11-2005, 12:35 AM

Does anyone know what the maximum amount of money that you made so you don't have to file taxes?
I only worked for 3 months last year and have some interest on cashed savings bonds, so I'm not sure if I have to file taxes or not. I've never done taxes before, so I'm not sure what to do.

Tippiechick · #2 02-11-2005, 12:51 AM

Single taxpayers. If you expect to file a single return, the IRS requires you to file a return if your gross income for the year is at least: (c/o financenter.com)

$7,800 if you are under age 65.
$8,950 if you are at least age 65.

You might want to consider filing anyway. You might still get some refund. I'd get someone to do your taxes to find out what is the best option: filing or not filing. Things can get complicated when you have to factor in interest, etc. Better to ask someone who does it for a living.

AznSAE · #3 03-01-2005, 11:25 AM

i have a question. what is the age limit when parents cannot claim you on their taxes anymore? i have heard that they can claim you up to 21 or 25. this mainly has to do with that lifetime education benefit.

HotDamnImAPhiMu · #4 03-01-2005, 01:22 PM

See, I thought it had to do with what percentage they're supporting you. i.e. if you're 25 and live rent-free at home and your parents can say truthfully that you are dependant on them 50% (for me, that'd be pretty easy to prove - I live at home and don't make anywhere near enough to move out) they can claim you as a dependant.

But, I certainly don't have a degree in Tax Smarts

so I'd stop by H&R block if I was you. Plus there are a LOT of deductions for educational benefits, etc. you might not know about.

GeekyPenguin · #5 03-01-2005, 01:43 PM

http://www.bankrate.com/brm/itax/tips/20010208a.asp

This does a decent job explaining it in relatively normal English.

kafromTN · #6 03-01-2005, 03:25 PM

And if they can't claim you as a dependent and you're 25 or older you can get the earned income credit.

CUGreekgirl · #7 03-01-2005, 06:46 PM

Could someone advise me on what to do in this situation? Back in 2002 I worked in both SC & GA. Mom filed my federal and GA for me, but I attempted to do the SC one myself. I screwed up and ended up owing SC $80 even though I should have gotten a refund. Last year with mom's cancer things were hectic and I never filed and should have filed federal, GA state, and SC state taxes. Once again this year I need to file federal, GA state, and SC state. Is there anyway to go back and fix the one from 2002? Also, can I go back and file last years when I do this years, or should I just file this year and not worry about the last two years? I'm pretty sure I didn't make more than $6,000 any year.

SmartBlondeGPhB · #8 03-01-2005, 07:39 PM

I forget what the age is, but they have to be supporting you I beleive at least 6 months out of the year and you have to be in school.

My parents claimed me up until my final year of college (1992) and I was pissed because I ended up OWING taxes when I filed because I worked for 6 months after college.

If all you have is earned income and interest, you will only need to file 1040 EZ which is exactly what it's name says......EASY. You should have no trouble filing it by yourself. I have never had to pay anyone to help me yet and I have way more than just those two things.

www.irs.gov will give you all of the rules. I believe the dependant one is detailed there because I remember trying to argue with my dad on it.

I believe you can amend your federal return for 3 years after the fact. The fact that you didn't file one year (when you should have) though is a big no-no to the IRS and will involve penalties and late fees if you owe anything.

sageofages · #9 03-01-2005, 07:58 PM

Quote:

Originally posted by SmartBlondeGPhB
I forget what the age is, but they have to be supporting you I beleive at least 6 months out of the year and you have to be in school.

My parents claimed me up until my final year of college (1992) and I was pissed because I ended up OWING taxes when I filed because I worked for 6 months after college.

If all you have is earned income and interest, you will only need to file 1040 EZ which is exactly what it's name says......EASY. You should have no trouble filing it by yourself. I have never had to pay anyone to help me yet and I have way more than just those two things.

www.irs.gov will give you all of the rules. I believe the dependant one is detailed there because I remember trying to argue with my dad on it.

I believe you can amend your federal return for 3 years after the fact. The fact that you didn't file one year (when you should have) though is a big no-no to the IRS and will involve penalties and late fees if you owe anything.

Living through tax hell...

I know you can amend your return for at least 12 years....cause we just did that under the guidance of the IRS.

aephi alum · #10 03-01-2005, 11:38 PM

Quote:

Originally posted by SmartBlondeGPhB
My parents claimed me up until my final year of college (1992) and I was pissed because I ended up OWING taxes when I filed because I worked for 6 months after college.

My dad tried to pull that on me in the year I graduated college. He emailed me to tell me that he was claiming me as a dependent and that therefore I couldn't take the personal exemption for myself. I emailed him right back to say that no he was not! My parents had supported me for less than half of that year, and besides, I needed the deduction more than they did.

Your parents can claim you as a dependent if they support you more than 50%, if you're under 19 - or under 24 and a full-time student, and if you are not married.

DeltAlum · #11 03-01-2005, 11:58 PM

I loved the fake 1040 form I saw a few years ago. It had only two lines:

1) How much did you make this year?

2) Send it in.