Minor Income taxes?

So its tax season and i am wondering if i have to pay taxes or get money back my total income from feb2007 -0ct 2007 was about 4,000$ working part time i did claim 0 and i am only 17 years old and i heard bush is giving out 800$ part of the refund am i eligible to reacive that 800 bucks and i still stay with my parents federal income taxes took out like almost 300$ from my paychecks I stay in California

Public Comments

1. you dont have to file with only 4000 income, but you should because your personal exemption is 5350, so you will get back everything that was witheld from your check, sorry I gave you wrong information before., I am assuming that your parents are claiming your dependent exemption here. I havent heard about any special rebate of 800 and I work for liberty tax, but if that is true in the future you can file, if that is in the works now I'm sure it will be to your benefit to file.
2. If your $4000 of part time work was on a W-2, you will not owe any taxes and will get a refund of the $300 withheld. You are not eligible for the $800--though if you have more income in 2008, you might still "get it" as it is just an advance on your 2008 refund.
3. First, the $800.......Bush has asked Congress for it, and said if they sent him a good bill with that in it he would sign it. It is far from being a "done deal". Congress hasn't even started debating it yet. Don't look for anything soon. Also, it won't be a "gift". It will give back (rebate) to taxpayers some of the tax money they have given the government in the form of taxes they have paid, up to $800, if they have paid in more than that. The news report I heard indicated the $800 maximum applied to married couples with single people getting less since there is only one of them. You really need a tax professional to look over your situation in conjunction with your parents situation. You do have to file a tax return because you earned over $3400. You will wind up zeroing out your tax liability just with the standard deduction which mean you will get back the portion of the $300 withheld that pertains to the Federal taxes, but not the Social Security, Medicare, or any State taxes that have to go toward your State income tax return. That will all be broken out on your W-2 you receive from your employer which is necessary for you to file taxes. So, you will wind up paying zero taxes, and therefore you are not a taxpayer this year which means you probably won't qualify for any rebates in the $800 deal you heard about. The reason I think you and your parents need to see a tax pro is because since you will zero out anyway, and since they are still supporting you, it may be to their advantage if you "give up" your dependency and let them claim you again for last year. It will help them save some money and won't hurt you. Your tax pro can explain it to you, and see if that works out or not. Good luck!
4. On your tax form it asks if you are someone elses dependent and you mark yes there. You do not get the personal exemption because your parents get it but you get another one. You should file to refund your $300.
5. You can file and get anything back that was withheld for federal income tax. You don't get back the social security or medicare amounts. The tax rebate is only a proposal, not a done deal - nothing will happen unless congress passes is. You won't be paying any income tax, so you wouldn't be eligible anyway.
6. First, a single person your age is NOT generally required to file an income return unless your gross income was at least $8750. If you were dependent upon your parents (lived with them for more than 6 months and did not pay for more than half your '07 support and this appears to be the case for you esp in a high cost of living area like CA), you need not file unless your earned income was over $5350. You WILL want to do so however to claim a refund of your $300 in withheld taxes. The tests for dependency (your parents claiming you as a dept) are straightforward and should not generally require professional tax consultation unless there are some complex facts -- certainly none revealed by your question. Have your parents review the 2007 Form 1040 step-by-step instructions on page 15. Check your W-2 for state tax withholding as well. You'll likely want to file a state return to get those back. As to the tax stimulus refund proposal...nothing has been set in stone and fine print is not yet available but here's what I read in the NY Times earlier today: "In exchange for those concessions, the Bush administration and House Republicans agreed that the stipend of at least $300 would be paid to all workers who earned at least $3,000 last year, even those who did not earn enough to pay taxes. Workers who paid income taxes could receive more than $300, and families with children would receive an additional $300 per child, up to a cap of $1,200." So although things are subject to change, it appears to me, although you made the required amt of money your status as a dependent MAY cause the $300 to pass to your parents. Nothing wrong with politely asking them if they'd be willing to pass that portion of the rebate funds, if and when they come, directly to you in exchange for all you do around the house... Good luck!