Tax Question...

[bmxbikes 10+ year member]

Okay, Im 19 and still claimed a dependent. I grossed around $14,750 last year and normally I just get back all my federal and some state. Now with obamas new stimulus aswell as the hope lifetime learning thing, is there anything I can do to gain more back than normal? Or since im being claimed a dependent am I screwed over till next year when I claim myself?

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[MikeofTulsa Moderator]

why are you still letting your parents claim you?

 

[loopkiller 10+ year member]

First of all, no one even knows what the current congress will pass as far as tax breaks. Until we know what passes the Senate, there is no way to tell.

Secondly, if you live at home with Mom & Dad and they provide you food and shelter, this is your way of paying them back. Letting them claim you as a deduction is only fair.

Now if you pay rent and pay for your own food, then you should keep your exemption. Depends on your situation though.

If you file your taxes with zero deductions, then simply file your W4 with the same zero deductions. That way you have enough taxes taken out of each check and you don't find yourself with a large tax bill due come April. If you end up claiming yourself, then that just means a bigger return anyways.

Some will say you are stupid to let the IRS hold your money and you should keep that money yourself and invest it blah blah blah. But truth be told, at your income level, that is usually going to amount to a very small sum of money and not really enough to worry about investing anyways.

 

[Proximity 10+ year member]

How much federal do you get back? I make about 9k and I'm getting shit back from federal. Like $280 or something out of $640 withheld. (19 and dependent)

 

[Bubb Rubb 10+ year member]

why are you still letting your parents claim you?

Healthcare.

 

[sexiewasd 10+ year member]

I paid $1959 in federal and will get back $520 as a dependent, or $1052 if I claim myself. I live with my mother, but pay rent, take care of her dog, and her house, so just have to have a talk with her. I do get one really nice meal a week though...