Tax filing for Summer Internship

Question

I have a couple questions regarding the tax filing procedure. I am still a dependent on my parents, and my parents normally do the taxes each year. However, last summer 2014 I worked a summer intern at a hospital. My total income for the internship was $11100. After taxes, I made around $7700 . Basically my question is whether I need to file taxes separately, or can my parents still take care of it. For instance, can my parents still claim me as a dependent? Also, am I eligible for a tax refund? Over the summer, my total federal withholding was around $1600.

Answer 1

Yes, you need to file a tax return.

For a single individual under the age of 65 who is a dependent, the filing threshold is $6200 or more of earned income, and your income is above that.

Since your parents claim you as a dependent - you cannot claim an exemption for yourself, but as Joe said, you'll still have the standard deduction.

Answer 2

It's going to depend on more details like your age, whether or not you are a student, do you still live at home, etc.

The IRS has a calculator to help determine your status as a dependent.

You will need to file a tax return regardless because your earned income was over the standard deduction amount.

Answer 3

As a dependent, you lose your 'exemption' but not your standard deduction. For a single person, that's $6200, leaving $4900 to be taxed at your rate, 10%. I predict a federal tax bill of $490, and you've already paid $1600, so I smell 'refund'.