HeavenlyBliss asked:
Last year I earned approximately 5400 dollars from a part-time job. Taxes were of course withheld from each paycheck by the company. I will be doing my tax return this Friday and I wanted to know if I would be money back since the income I earned is low. I will be filing it as a dependent.
Last year I earned approximately 5400 dollars from a part-time job. Taxes were of course withheld from each paycheck by the company. I will be doing my tax return this Friday and I wanted to know if I would be money back since the income I earned is low. I will be filing it as a dependent.
I think it is 3 thousand. sorry.
This will depend on if you have any deductions, such as unreimbursed medical/employment expenses, interest earned from savings/investments, etc. Most likely, you will probably get a refund though.
It is determined based on your status. whether you are a student or age of majority, and whether your in retirement are some factors
As a dependent, you don’t pay tax on the first $5350, so you could end up with around $50 taxable income - at 10%, tax would be $5. So you won’t get back quite all of your withholding (box 2 on yur W-2) but it will be real close to that.
If you get paid more than $600 in that year from a single employer, you are required to file for taxes. Not sure how much you will get back, it depends on how much they decide you owe.
So your parents claimed you as a dependent. You should get back much/most of the withheld taxes due to your low income. Don’t forget to do the state return too. You can do free efile at irs.gov. Print out federal form, go to your state’s website and do the state there for free.