Personal Finance, World Changers

Taxes – Do I Have To File A Tax Return?

February 24, 2015 | Posted by LCEF

As a young person, you likely are not earning enough to be required to file a tax return. In the 2013 tax year, the standard deduction for people not married was $6,100. Since you are a dependent, you are not expected to file a return if you earn up to that amount. When you start a job and fill out a W-4, though, be sure to make a note on line 7 that you don’t expect to earn more than the minimum threshold (you’ll be exempt from having taxes withheld).

There are many variables, so verify this with a tax advisor or the Internal Revenue Service.

AUTHOR
LCEF