Business/Tax?
I am fifteen years old and have a job at a local retirement home. I receive minmum wage, just started working, and work only 3-4 days a week for 4 hou...
I am fifteen years old and have a job at a local retirement home. I receive minmum wage, just started working, and work only 3-4 days a week for 4 hours. Do my parents lose tax deductions because of me working?? Because they believe so and want me to quit
Nuh, do not quit your job!
You can be a dependent (means your parents can claim your exemption of $3400) and also at the same time, you can file tax as a dependent, if you have earned income ( means you worked to earn it) of $5350. You can’t claim your exemption (deduction of $3400) regardless of your parents claimed it or not, if you’re dependent for the federal tax return! State law varies. You live with your parents and do not provide more than half of your support right? Then your parents would not lose tax deductions. Good Luck.
In order for your parents to lose a tax deduction for you, you would have to be providing more than half of your own support.
When you factor in your share of housing, food, recreation, etc. I doubt you’ve spent more than half.
No, they’ll still be able to claim you as a dependent. Nothing on their tax form will change, or even show that you are working.
On your tax form, you will say that you are a dependent of someone else. You won’t get an exemption for yourself, your parents still get that.