Taxes for Teens Jennifer Allen Allen, Gibbs & Houlik, LC June 19, 2013.

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Presentation transcript:

Taxes for Teens Jennifer Allen Allen, Gibbs & Houlik, LC June 19, 2013

Topics Students Need to Know Filing status Independent vs. dependent How do I fill out a W-4? Do I have to file? How do I file? What documents do I need to file? Deductions vs. exemptions

Filing Status Single Married filing jointly Married filing separately Head of household (unmarried, keep up a home & qualified person lives with you more than 1/2 of the year)

Independent vs. Dependent Dependent: Someone else provides more than 50% of your support (rent, utilities, food, etc) Differs from financial aid for college dependent (easier to be independent for tax purposes than for financial-aid purposes)

Completing a W-4

Do I Have to File? If you are dependent, earned income over $6,100 or unearned income over $1,000 If you are independent, as single $10,000 or married filing joint $20,000 or head of household $12,850 If you receive tips and your employer did not withhold Social Security & Medicare tax Net earnings from self-employment of at least $400 (lawn-mowing business, babysitting, etc.) These are the most common but there could be more reasons that you must file.

Should I File Even if I Don’t Have To? Earned Income credit ($487-$6,044 credit depending on number of kids & income) $14,340-19,680 with no kids $46,227 single/$51,567 MFJ with 3 kids Additional child tax credit ($1,000/child even if no liability) American Opportunity credit ($1,000 is refundable even if no liability) Any federal or state tax withheld

How Do I File? Federal has freefile for income less than $57,000www.irs.gov Kansas for state returns for income less than $1,000,000www.kansas.gov/webfile Tax professional

What Documents Do I Need to File? W2s and 1099s Social Security number for you (and dependents) Tuition Statements (Form 1098-T) if you have higher education expenses Student Loan interest (Form 1098-E)

Deductions vs. Exemptions Personal exemptions are $3,900/person. Standard deductions are –$6,100 for single/married filing separate –$12,200 married filing joint –$8,950 head of household or –$1,000 or earned income plus $350 dependent

Deductions, continued Itemized deductions Uninsured medical and dental expenses (greater than 10% of adjusted gross income) Greater of state income taxes or sales tax paid Interest on primary residence Taxes on primary residence Taxes on personal property (car, boat, etc.) Charity contributions Unreimbursed employee business expenses, tax prep fee, investment fees, safety deposit fees (greater than 2% of adjusted gross income)

Questions? Jennifer Allen (316)