Do I have to file taxes?

[watdahel]

I have an ING savings account. My mommy claimed me as an dependent on her tax. Whatever that means. Do I have to file taxes as well?

 

[Alone]

If you have a source of income, then yes, I believe you do.

 

[pontifex]

Originally posted by: erwin1978
I have an ING savings account. My mommy claimed me as an independent on her tax. Do I have to file taxes as well?

how old are you?

 

[Eli]

If you made any taxable income, you will need to file taxes.

Infact, if you made less than 10k or so, you will want to file taxes, because you will be getting most of it back. But not all of it, since your mom claimed you as a dependant.

If you do not have a source of taxable income, or if it was very small, you don't have to file taxes... and in that case, Uncle Sam appreciates the interest free loan.

 

[Alone]

Eli!

 

[Reckoner]

Of course not!

Sincerely,
Wesley Snipes

 

[JS80]

Originally posted by: erwin1978
I have an ING savings account. My mommy claimed me as an independent on her tax. Do I have to file taxes as well?

how do you claim someone as an independent?

 

[Eli]

Originally posted by: PaulNEPats
Of course not!

Sincerely,
Wesley Snipes

LOL!

 

[Alone]

Originally posted by: PaulNEPats
Of course not!

Sincerely,
Wesley Snipes

:laugh:

 

[jadinolf]

Originally posted by: PaulNEPats
Of course not!

Sincerely,
Wesley Snipes

Love it!:laugh:

 

[loup garou]

Originally posted by: PaulNEPats
Of course not!

Sincerely,
Wesley Snipes

I concur!

Willie Nelson

PS Try my ice cream.

 

[getbush]

if you have no job, and it's just this bank account, screw it

any interest you made will be well under the exemption, unless the account is huge, which i doubt

it's not worth your time or theirs

 

[FoBoT]

hi eli

 

[Alone]

I thought if you were a certain age and didn't make a certain amount of money (ie. no job), you got a $100 return.

 

[watdahel]

I edited my post. You guys should update your replies as well.

I think I earned $150 in interest. What's the max I can get away with without having to file tax?
Also, shouldn't I file anyway for social security or what ever funds I need to contribute for my retirement?

 

[Alone]

Why wouldn't you file? I can't imagine you having to owe anything.

 

[I4AT]

If you don't file anything, the IRS most likely isn't gonna come after you because they're pocketing money (depending on how much you made). But, since your mom has claimed you as a dependent you won't get sh!t back, maybe 25% of what you could've otherwise received.

EDIT: If you're asking about just your ING savings account and you had no income, then I believe anything over $50 is supposed to be filed, you should have received a 1099-INT from ING, check with your mom about that.

 

[watdahel]

I checked IRS website and it said I don't have to file if my unearned income is below $800. ING is unearned income isn't it? I didn't work for it so I didn't earn it. It's unearned income.

 

[jdoggg12]

Under $8500 earned income and 800 unearned, IIRC, is the max you came make and not file.