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So I am getting ready to do my taxes and I am confused and need advice on this.
My daughter just turned 17 this past January - has been doing part time work since last September. For the year 2013 she made a total 'income' of just over $1,100. Does she have to file taxes? Will she likely get some kind of refund? How does this affect me having her as a dependent? Can I still put her as my dependent? She only worked September - December.
I believe that she can file a Simple 1040 EZ and will probably get a refund. You will still claim her as a dependent on your taxes, but, do not need to claim her income as yours.
I believe that she can file a Simple 1040 EZ and will probably get a refund. You will still claim her as a dependent on your taxes, but, do not need to claim her income as yours.
Do you think I can do a simple Turbo Tax filing online for her?
"If they earned less than $6,100 in the year, they do not have to file a return, but may wish to do so to recover any withheld income taxes. You can still claim the dependent exemption, and the dependent will not be able to claim her personal exemption on her own return."
If income tax was withheld, she files a return, does not claim any exemptions, and gets back the income tax. You claim her as an exemption on your taxes.
If no income tax was withheld, she need not file.
Either way, she does not get the Medicare or Social Security tax back. She has now been initiated as a full fledged American taxpayer.
Thank you everyone for the responses! This helped a lot.
Quote:
Originally Posted by Gandalara
Hey, Samana - is she being encouraged to save?
You should show her this ...
From Bankrate's webpage: Attachment 127036
This is good! and funny that you mentioned this because I specifically told her that she should open up a savings/retirement account like this. I told her that if she starts saving at this age, she'll have a good chunk when she retires.
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