My dad desires to claim me as a dependent but he wishes me to still report my own taxes? i dont get the message.. will?
i still get a excise return back?.. im 23 live beside him and went to institution full time for four months.Answers: If you qualify as his dependent for tax purposes, you will simply not be capable of claim an exemption, and the standard deduction could be reduced base on your income.
I say if, because I don't believe you qualify as a dependent child, but could possibly qualify as a dependent relative. A dependent child is someone beneath 19 or under 24 and attended college full time for 5 months. Of course the parent has to provide at smallest half support within addition to the age/school requirements.
You might be a qualify relative if your gross income was smaller amount than $3,400 or you are disabled.
Based on your message, if you earned over $3,400 your father would not know how to claim you as a qualifying relative.
You would stipulation to be a full-time student in any sector of at least 5 months contained by order to be a dependent beneath the less-stringent qualifying child rules.
Whether he can claim you or not, if you are over the file minimum for your circumstances you would need to profile your own return.
If he provides the majority of your support, you are a dependant. If all of the year be full-time it was plainly eligible.
See http://www.irs.gov/publications/p501/ar0...
You can still file a import tax return (and probably get a refund) but you won't draw from a personal exemption. That exemption will go on your dad's return instead. If he make a lot more money than you do, afterwards it will save profoundly of money.
You could argue with him in the order of the dependant thing, but perchance you could just ask him for some of the money? he might report to you to get a errand and move out...
If you were with the sole purpose in arts school full time for four months, not some part of at lowest five calendar months, and you are 23, then he can't claim you as a qualify child, and if your income was over $3400 he can't claim you as a qualify relative either, which method that he can't claim you at all. Tell him to check the rules.
That said, it is totally possible for a dependent to report his or her own tax return.
As long as you lived surrounded by your dad's home for more than 1/2 of the year and he provided more than 1/2 of your support, and if you were a full-time student surrounded by 2007, then your father can claim you as a dependent.
You will still have need of to file your own levy return but you will not be able to claim the $3,400 due exemption.
Your father claiming you as a dependent is totally separate from your requirement to file a levy return.
But to clear something up first. If you are age 23 and only attended college for 4 months in 2007 your father can NOT claim you as a dependent underneath the Qualifying Child rule.
He may still be able to claim you underneath the Qualifying Relative rule IF you lived in his home ALL year AND you have less than $3,400 within gross income for 2007 AND he provided more than half of your support. This is considerably more restrictive than the Qualifying Child rule.
Now, as to YOUR excise return. If you can be claimed as a dependent and had income from wages that exceeded $5,350 surrounded by 2007 you MUST file a return. If you cannot be claimed as a dependent that jump to $8,750.
Even if you are not required to file, if any income export tax was withheld from your wages you must directory a tax return to own those redunded to you.
And just to clarify some language. You do not "get a duty return back," you FILE a charge return. A tax return is the forms, schedule and attachments that you send to the IRS any by mail or electronically. You amount your taxable income and tax liability on your import tax return. If more tax be withheld than your tax liability shown on your toll return you get a REFUND. If smaller number was withheld you hold to PAY when you file your return.
This is a tricky request for information. The answer is: your Daddy gets your exemption beside what I know from the info you provided. But I'm going to put up the exceptions also just contained by case. Here's what the IRS say. They put the Internal Revenue Code in to the everyday English that you are I are used to with:
~ The child must be (a) below age 19 at the end of the year, (b) below age 24 at the end of the year and a full-time student, or (c) any age if forever and totally disabled.
However, note this also from the IRS:
~ Full-time student. A full-time student is a student who is enrol for the number of hours or courses the school considers to be full-time attendance.
The IRS is not clear on two semester, three semester academy years, online correspondence courses for a few months, and a few other situations. You would have to consult your school's roll or call the Admissions department of your conservatory. If the school say you are a full-time student, that should be good plenty.
Another IRS rule for claiming the exemption: The child must have lived next to you for more than half of the year. {IRS have a footnote: 2 There are exceptions for temporary absence, children who were born or died during the year, children of divorced or separated parents, and
kidnap children. }
If your Dad provides more than 50% of your support, you are in college full-time, you are under the age of 24, you are a U.S. citizen, he can claim you.
Are you married? If you are, your Dad can lone claim you if you and your spouse had no income levy liability whether filing married file jointly or married file separately.
IRS: You generally cannot claim a married personage as a dependent if he or she files a joint return.
Example.
You supported your 18-year-old daughter, and she lived next to you all year while her husband be in the Armed Forces. The couple files a pooled return. Even though your daughter is your qualifying child, you cannot filch an exemption for her.
Exception. The joint return tryout does not apply if a joint return is file by the dependent and his or her spouse merely as a claim for refund and no charge liability would exist for either spouse on separate returns.
NOTE: if you have income tax withheld, you must report to get them backbone.
Can you say "TAX FRAUD"
Does she necessitate to database federal and state?
She earned 5586 and taxes be withheld.Answers: If this is a dependent, yes, they have a file requirement since the income was more than $5350.
If this is not a dependent, they should profile to get the settlement of taxes withheld.
How does import tax file differ when you own your own business as dead set against working for a company?
My husband is starting his own business this year. It will be a one man company with me doing adjectives the paperwork at home. I know there are plentiful factors that determine the taxes specifically, but I'm simply looking for a general opinion as to what the situation will be like subsequent year at tax time.He is gap a business that does custom painting. He will feat as a subcontractor to one primary company (probably about 75% of the work).
Answers: When you are self employed you hold to pay the adjectives 15% in social surety. When you are a employee your employer pays 7.5% and the hand pays 7.5%
Good Luck.