Do parents need my W-2?

[Ricemarine]

This is my first time filing my own wages, so I would like some input. I already filed online using Turbotax's free service and did claim myself as a dependent. I made less than $9.5k this year (earned, whether or not that is necessary to state), but do they need to file my wages under their tax return as well? They file at H&R Block, and I would not like to give out my W-2 form unless necessary. From what I'm reading up, they might need to fill out form 8615?


Thanks!

Please ask federal tax questions in the stickied tax thread.
Admin allisolm

 

[guyver01]

Only one person can file for you at a time.

If they try to file you, after you filed, it will flag their return.


About Form 8615:

This rule applies to children who have investment income of more than $1800 and meet one of three age requirements for 2008:

1. The child is younger than 18.
2. The child is 18 and has earned income that does not exceed one-half of their own support for the year.
3. The child is older than 18 and younger than 24 and a full-time student with earned income that does not exceed one-half of the child’s support for the year.

To figure the child's tax using this method, fill out Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,800, and attach it to the child's federal income tax return.



Is this INVESTED INCOME?? or Work Income??

 

[ahenkel]

what I did back in the day was

1. Find out if I would get a refund or not
2. Let parents claim me as a dependent
3. have parents pay me my refund out of their tax credit
4. Profit.

 

[Ricemarine]

Only one person can file for you at a time.

If they try to file you, after you filed, it will flag their return.


About Form 8615:

This rule applies to children who have investment income of more than $1800 and meet one of three age requirements for 2008:

1. The child is younger than 18.
2. The child is 18 and has earned income that does not exceed one-half of their own support for the year.
3. The child is older than 18 and younger than 24 and a full-time student with earned income that does not exceed one-half of the child’s support for the year.

To figure the child's tax using this method, fill out Form 8615, Tax for Certain Children Who Have Investment Income of More Than $1,800, and attach it to the child's federal income tax return.



Is this INVESTED INCOME?? or Work Income??

Work income.

 

[guyver01]

Work income.

Then why would they need to file a 8615?

Are you under 18?
Do you have "invested income" ?

 

[Ricemarine]

Then why would they need to file a 8615?

Are you under 18?
Do you have "invested income" ?

20. I do believe I forgot to account for the invested income from my savings (<$2.00). I was wondering if they had to file anything or if they need my wages for anything necessary when they go to H&R.

 

[guyver01]

20. I do believe I forgot to account for the invested income from my savings (<$2.00). I was wondering if they had to file anything or if they need my wages for anything necessary when they go to H&R.

shouldnt. since you have a job, and are over 18... you file your own taxes.

unless they're paying for your extended school... then they should be filing for you till yer 24.

 

[Ricemarine]

shouldnt. since you have a job, and are over 18... you file your own taxes.

unless they're paying for your extended school... then they should be filing for you till yer 24.

They did pay for the 2008-2009 school year but then stopped and now I'm on loans for the 2009-2010 school year.

 

[BoomerD]

Your income does not count towards your parents gross income.

If you're a full-time student...and if you do not provide more than 50&#37; of your support, they could have claimed you as a dependent, but since you've already filed and claimed yourself, that option is gone for them.

Do you live at home? If so, the dependent exemption of $3650 may have been more beneficial to them than it was to you with the gross income you've stated.

We really don't have enough information to accurately answer these questions, BUT, NO, your parents do not need your W-2.

BTW, this question would be more accurately asked in THIS thread:
http://forums.anandtech.com/showthread.php?t=2033811

 

[The J]

The impression I got from the original post is that he did state that he could be claimed as a dependent.

 

[wiredspider]

The impression I got from the original post is that he did state that he could be claimed as a dependent.

That's what I thought... Since he already filed, this won't help much. However, you should generally compare the refunds given if you are claimed on their taxes to the refund if you claimed yourself.

The reason being that your income is relatively low, so you don't pay that much in taxes. That means that you may not get the full benefit of certain tax credits/deduction type things. You parents probably have higher tax liability and can maximize those benefits.

I've never used H&R, but it should be relatively easy for them to compare the 2 different scenarios.

 

[Homerboy]

The impression I got from the original post is that he did state that he could be claimed as a dependent.

Thats what I thought too, because that's what he said.
That being said, there is a huge, annual sticky for tax questions, as a 20 year old life, you should be able to figure this out.