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Please Help! Tax Return Question for a Minor!

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AKolimaga

Junior Member
Hi- I am 16 years old, and I live in NJ. I made just over $11,000 this year working. I recieved my W2's recently, and my mom called the tax place. They told her that since I broke $10,000, I was getting just about nothing back in refunds. I thought that if you are 18 and under your parents care you get most of your tax money back? Is this right? Thanks in advance for any help.
 


tranquility

Senior Member
Do your taxes. It is a good learning experience and will help you understand the importance of when politicians talk of taxes (Or, revenues. The don't like to say the "T" word when they want to raise them.) or of spending (Aka "investing" when the government needs to do the "T" word to get the money to "invest".).

Use the 1040ez form and list yourself as declared as a dependent by your parents. It won't take that long and, if you actually read the instructions along the way, you can help others who have the same questions at the parties for the next few months. Knowing about taxes can be cool! (Phat? Groovy? Gnarly? Bitchen? Neato? Please insert current slang term for wonderful and terrific in the extreme here.) Everyone knows tax guys get all the chicks. And vice versa.

(By the way, you have no special exemption from taxes because of your age and because of being a dependent of your parents. What you owe is a calculation which requires all the numbers from your W-2 to make.)
 

anteater

Senior Member
And, if you have anything left from that $11,000, establish an IRA.

Investing is even cooler than taxes. :)
 

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