So I'm 18 but I've never had a job and I still live at home so I'm not an independent yet. Long story short, I bought a lottery ticket this past June and won $11,000. They had to take taxes out ($3,500) which they said I would get back as my tax return once I do my income taxes next year.
1.) When do you do income taxes? It's around January or February, right?
2.) How long does it take to get your tax return back? I know I read somewhere it's usually within 20 days of filing your taxes.
2014-12-17T01:35:41Z
Update: so I don't know much about income taxes, but I do know from talking to me father, he said something about not putting me on his taxes this year and that I'd have to do my own.
Judy2014-12-16T14:52:27Z
You can usually file sometime in late January, and normally get your refund within a couple weeks. Date when you can file hasn't been announced yet for this year. But you won't get it all back. They'll keep a little over $1000 for federal income tax. It's possible you might also owe some state income tax, depending on where you live - but probably not, unless the 3500 they withheld was split between fed and state.
You will not get it all back. Sorry. In fact, if your parents' income is very high, the $3,500 originally withheld may not be enough to cover what you owe!
With $11,000 in unearned income you are subject to the "kiddie tax" rules which will have a significant impact on the taxes that you will owe. The first $1,000 is not taxed. That is the maximum standard deduction for unearned income of a dependent. The next $1,000 will be taxed at 10%, or $100. The remaining $9,000 will be taxed at the higher of your or your parents' marginal tax rate. If your parents are in the 15% bracket or lower, that will peg your rate at 15% or $1,350 for a total of $1,450. The top bracket is $39.6% so the tax on that $9,000 could be as high as $3,564 for a total of $3,664. Most taxpayers are in the 15% or 25% bracket, so unless your parents' income is very high it should be $2,250 or less, plus the initial $100 of course.
As to when you'll be able to file, that will depend upon when your parents are ready to file their return. Since their marginal tax rate will flow down to your return, you must coordinate your return with your parents' return. If you don't, the IRS will do it for you once all returns are in the system. That could trigger a rude surprise a few months down the road if you used too low a rate for their marginal rate.
Just slow down now and take it slow and easy because you will NOT be getting all of that withheld tax amount back as REFUND at during the 2015 tax filing season for your 2014 1040 FIT return. Just make sure that you are talking to your parents about this matter at this time and for this purpose. So that you and they can try to make sure that you do get your 2014 1040 FIT return correctly completed during the 2015 tax filing season next year. Hope that you find the above enclosed information useful. 12/16/2014
Congratulations!!! You can file your taxes as soon ash you have all your paperwork for 2014 ready. Employment paperwork if you worked. W9, etc... Turbo tax is a great product that will walk you through the process step by step. (its costs a little)
Your taxes do NEED to be filed by April 15th, or file for extension.
You will get your money(assuming you are getting a return) usually within 2 weeks for sending your income taxes,
I can't way you will get that all back,but taxes can be file between Jan1 and April 15 with no penalty, usually employers send people copies of the earning reports sent to the IRS the first couple of weeks of the year.