Anonymous
Anonymous asked in Business & FinanceTaxesUnited States · 2 months ago

This is my first time with a real job, I live at home, if I end up owing money on taxes can my parents just claim me as a dependent ?

And if I get a refund can I file on my own?

10 Answers

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  • ?
    Lv 7
    2 months ago

    No, that is not how it works, and even if they could, that doesn't change that you would owe (it would actually make you owe more).  

  • Anonymous
    2 months ago

    You need to QUALIFY to be a dependent.  Just living at home does NOT make you a dependent once you are over 18.  

    If you earn less than $4,000 for the year - then your parents could claim you as a dependent.  You would still file your own tax return for your income but mark that someone else is claiming you as a dependent.

    If you are a full time college student and your parents support you - then you can earn more than $4,000 and still be there dependent.  You would still file your own tax return for your income but mark that someone else is claiming you as a dependent.

    If you are not a full time student and if you earn more than $4,000 for the year - then you are NOT their dependent even if they pay for everything and you pay for nothing.  If you are over the age of 18, not a full time student, and earn more than $4,000 per year - then no one can claim you as a dependent.  

    BTW - when you are claimed as someone's dependent - YOU OWE EVEN MORE IN TAXES - so being claimed as their dependent would NOT lower your tax debt.  AND - being claimed as a dependent DOES NOT EXCUSE YOU FROM FILING.  If you have earned enough income - YOU MUST FILE EVEN IF YOU ARE A DEPENDENT.  Your parents can not include your income on their return.

  • Eva
    Lv 5
    2 months ago

    That's not how it works. You're either a dependent or you're not according to IRS rules (Publication 501). Your parents do not claim your income on their return. You file your own tax return. If you owe, you owe. If you qualify for a refund, you'll get a refund. Actually, being a dependent is less advantageous as the standard deduction may be lower.

  • 2 months ago

    If you are living at home, your parents are paying more than half of your basic needs: shelter, food, tuition or medical expenses, then they will have a right to take you as a dependent. Otherwise, you file your own taxes based on your own income. They can't take you as a dependent just because you have to pay tax. 

    You need to get information before you file--because right now it looks like you're fairly clueless. The IRS website has a LOT of information. You can go there and get almost any question answered. I suggest you do that soon, before you mess up filing your returns. 

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  • Judy
    Lv 7
    2 months ago

    If your parents claim you, you'd still owe as much or more

  • Anonymous
    2 months ago

    Big gov wants their cut of your money.  lol  :-)

  • 2 months ago

    Whether your parents can claim you as a dependent depends on your income, your age, your student status, and whether or not you support yourself.  In any case, you can still file your own return, and depending on your income perhaps you must file.

    At a guess, the answer is they can claim you as a dependent, but that depends on the answers to the above questions.

  • ?
    Lv 7
    2 months ago

    Your parents can claim you as a dependent if you live at home and are under a certain age, regardless of how much you earn.

    Whether you need to file depends on how much you earn.

    Whether you owe tax or get a refund when you file depends only on whether you paid too much during the year - like getting change on a cash purchase. 

  • 2 months ago

    Your parents can claim you as a dependent and you can file on your own.  If you file on your own you can't claim yourself.

    If you make a small amount of $ (<$13K for the year) you would get all the federal income tax you prepaid refunded, you will not get back any FICA (social security) and Medicare taxes you paid.

  • Anonymous
    2 months ago

    Sure, tax fraud at a young age. SMH

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