Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

? asked in Business & FinanceTaxesUnited States · 1 decade ago

First Time Filing a Tax Return..?

Last year I worked 2 jobs and both took out FULL taxes for fed and state.

I was 17 for most of the year, so was hoping to get a good return. I am a

dependent, but was wondering if I could still claim things like donations..

and

what is the fastest and easiest way to file my return.

Thanks!

4 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Whether or not you will get a "good" return will depend on 1) how you define "good", and 2) how your income is impacted by your being a dependent on someone else's return. As for donations, unless you own a home or business, I highly doubt you would being able to "write off" anything on your taxes - that will likely be the benefit of those whose taxes you will be a dependent on (i.e. your parents?) - that is, if they have any tax shelters (like homeownership) they can claim to further reduce their tax liability on top of just having you as a dependent. Finally, you will likely just need to file a 1040-EZ, and there are several online tax filing software programs that will help you file on your own for little to no cost at all, so you can do it yourself without the assistance (and cost) of a tax preparer. Good Luck!

    Source(s): Have always done my own taxes for over 20 years now since I was a teen like you! It's not that difficult, and I do file the 1040 long form with Schedule attachments for my various tax shelters. Pain in the butt in terms of time consumption, but I like being in control of my own money!
  • Bobbie
    Lv 7
    1 decade ago

    Not really if you want to choose to try and use the schedule A itemized deduction of the 1040 in order to benefit you at all the total amount from the schedule A would have to be more than your standard deduction amount of 5700 now and you will have to wait an file the 1040 tax form with the schedule A until after the middle of February.

    With only wages from an employer that has sent you or will be sending you a W-2 form for your gross wages earnings for the year you can use the below enclosed information for this purpose.

    As a full time student under the age of 24 and still living with your parents in their home and you have NOT furnished more than 50% of your support you would still be a qualifying child dependent of your parents on your parents 1040 federal income tax return.

    Now in this situation you would fill out your 1040EZ federal income tax return correctly and completely and when it is ready to be filed sign it and make 2 copies 1 for your records and 1 to be sent to the correct IRS address.

    On the 1040EZ page 1 line 5 you will find a box that you will need to check indicating that someone can claim you (or your spouse if a joint return) as a dependent, check the applicable box(es) below and enter the amount from the worksheet on back.

    And when you get to the line for your exemption amount on page 2 that amount will be -0- ZERO because you will not be allowed to claim your own exemption amount on your own 1040 income tax return because your parents will be claiming the amount on their 1040 income tax return.

    Go to the www.irs.gov website and use the search box for 1040EZ and choose the instructions go to page 10

    http://www.irs.gov/pub/irs-pdf/i1040ez.pdf

    http://www.irs.gov/pub/irs-pdf/f1040ez.pdf

    Hope that you find the above enclosed information useful

  • 1 decade ago

    [You file a "return". You may receive a "refund".]

    You're probably going to use the standard deduction. It would be a rare 17-year-old who would have more than the $5750 in deductions that would make it worthwhile to itemize.

    Since the two jobs don't know about each other, you might actually be underwithheld. Assuming you don't have other income or deductions, I suggest you go to www.irs.gov and download form 1040-EZ and fill it out. It should give you a good idea as to whether you're getting a refund or you will owe.

  • tro
    Lv 7
    1 decade ago

    donations are included inSch A and it is very unlikely you have enough to itemize

    since you are a dependent your non taxable income is $5700 anything over that is taxable

    the lowest rate is 10% and increases as your taxable income increases

Still have questions? Get your answers by asking now.