Can anyone answer some tax questions for me?

[zylander]

Im 23, a college student and live with my parents. In 2007 I worked about a month and a half, I started working mid November of '07. During that month and a half of '07 I made at most $1500. I just got all my tax forms from my parents tax agent and I owe $3. Obviously I could care less if I owe three bucks but now my friends keep telling me all these things and I dont know if they are right or not, so maybe someone here can clarify them for me.


Is it true that your parents can not claim you as a dependent if you are over the age of 18?

Is it true that if you make less than a certain amount that you get all your taxes refunded to you?

Are either of these true? My friend keep telling me that, but it doesnt sound right to me.

 

[bsobel]

Originally posted by: zylander
Im 23, a college student and live with my parents. In 2007 I worked about a month and a half, I started working mid November of '07. During that month and a half of '07 I made at most $1500. I just got all my tax forms from my parents tax agent and I owe $3. Obviously I could care less if I owe three bucks but now my friends keep telling me all these things and I dont know if they are right or not, so maybe someone here can clarify them for me.


Is it true that your parents can not claim you as a dependent if you are over the age of 18?

This is not true.

Is it true that if you make less than a certain amount that you get all your taxes refunded to you?

This is a gross oversimplification. In that case no taxes where owed, so money you did pay is refunded.

 

[Ns1]

your friends clearly have no idea what they're talking about.

 

[Injury]

I'd be pretty assured that the tax agent is right as long as they aren't working on a street corner or running a shady operation. A lot of people I know had to pay this year on the account that tax brackets expanded with inflation. These aren't to be taken as 100% of the fact, but here's a generalization in response to your questions... (and other posters please correct me if I'm wrong here.)

Your parents can claim you as a dependent until the age of 22 (might be 23?) if you are a full-time student, 18 if you aren't. After that, pretty much the only way they can claim you as a dependent is if you medically, mentally or physically incapable of caring for yourself and you are under their care.

Taxes are taken out at the employer/payroll level and you pay taxes based on a tax bracket. It's entirely possible that while making very little the government could give money back, but if you're earning money the government WILL take their cut... funny enough, even if you aren't working you still have to FILE tax forms.

Welcome to being an adult. You'll find no matter how hard you work someone is always taking a piece of what you earn and there's nothing you can do about it but bitch.

 

[zylander]

Originally posted by: Injury
I'd be pretty assured that the tax agent is right as long as they aren't working on a street corner or running a shady operation. A lot of people I know had to pay this year on the account that tax brackets expanded with inflation. These aren't to be taken as 100% of the fact, but here's a generalization in response to your questions... (and other posters please correct me if I'm wrong here.)

Your parents can claim you as a dependent until the age of 22 (might be 23?) if you are a full-time student, 18 if you aren't. After that, pretty much the only way they can claim you as a dependent is if you medically, mentally or physically incapable of caring for yourself and you are under their care.

Taxes are taken out at the employer/payroll level and you pay taxes based on a tax bracket. It's entirely possible that while making very little the government could give money back, but if you're earning money the government WILL take their cut... funny enough, even if you aren't working you still have to FILE tax forms.

Welcome to being an adult. You'll find no matter how hard you work someone is always taking a piece of what you earn and there's nothing you can do about it but bitch.

Thanks that makes sense. I had a feeling you could still claim someone over the age of 18 as a dependent if they were a student. I didnt think my friends were right in what they were saying, thanks.