Do I have to file taxes ?
I’m a 19 year old dependent who made under 9k in 2020, I was told I don’t have to file my taxes because my income is low, is that true?
( I paid tax on my income)
I’m a 19 year old dependent who made under 9k in 2020, I was told I don’t have to file my taxes because my income is low, is that true?
( I paid tax on my income)
Shay
The standard deduction of $12,400 DOES NOT APPLY TO DEPENDENTS.
As a dependent, your tax deduction will be calculated on a different scale.
The amount of your income DOES require you to file a tax return.
You should ALWAYS file a tax return on any year that you have had income even when it is below the required amount for filing. If you had federal income taxes withheld on your check, you will get a refund of any amount that was an overpayment.
curtisports2
If your earned income from wages is below $12,400, you do not have to file. But, if you don't file, you will not get back one penny of the tax that was withheld from your income. You must file to claim a refund.
Slickterp
You do not HAVE to file, but if you had any taxes withheld, it would behoove you to file as you'd be due a refund most likely.
A Hunch
You had tax withholdings. These are estimated taxes.
Without doing a tax return, you don't know if you paid enough taxes or overpaid your taxes.
Dependents have a smaller standard deduction and are more likely to owe taxes.
my_alias_id
You want to file in order to get a refund of the money you paid in taxes. You would probably get most of the money you paid in taxes back.
You can file for free through several places like turbotax and taxact.