Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jan 29, 2024 7:37:25 PM

Do I have to pay taxes. I made 21,000 in 2023 and I’m 17

0 3 293
1 Best answer
Level 15
Jan 29, 2024 7:41:41 PM

Yes.  Did you get a W2 or a 1099NEC?  Since you are under 19 are your parents claim you as a dependent?  You will get a Standard Deduction of 13,850 leaving 7,150 taxable income.  Tax on that is 715.  If you had more withholding taken out you will get a refund.  

3 Replies
Expert Alumni
Jan 29, 2024 7:39:02 PM

Yes, that amount of money is more than your standard deduction so you will need to file a tax return.

Level 15
Jan 29, 2024 7:40:15 PM

You must file a tax return.  You earned more than the amount of the standard deduction-------which is $13,850 for a single filer.

 

CAN I FILE A RETURN IF I AM A DEPENDENT?

If you can be claimed as a dependent on your parents’ return, you can still file your own return so that you can receive a refund of taxes withheld.  Your W-2 will show federal tax withheld in box 2, and state tax withheld in box 17.  (You will not get back anything for Social Security or Medicare withheld.)

Be sure that on your own return you say that you can be claimed as a dependent on someone else’s return.

 

https://ttlc.intuit.com/community/children-dependents/help/do-i-need-to-file-my-own-taxes-if-i-m-a-dependent/00/26111

 

 

 

 

If you can be claimed as a dependent and you answer the question in My Info incorrectly, here is what happens if you e-file first:  Your Social Security number goes into the IRS system as having been used.  When your parents try to e-file, their e-file is rejected and they will find it impossible to e-file their own tax return.  Then they will have to print, sign and mail their return and wait for months for it to be processed.  You, meanwhile, will have to file an amended tax return on a special form called a 1040X, which also takes months for the IRS to process.  So make sure you know the correct answer to "Can anyone claim you as a dependent on their tax return?"

 

 

Level 15
Jan 29, 2024 7:41:41 PM

Yes.  Did you get a W2 or a 1099NEC?  Since you are under 19 are your parents claim you as a dependent?  You will get a Standard Deduction of 13,850 leaving 7,150 taxable income.  Tax on that is 715.  If you had more withholding taken out you will get a refund.