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The Water Cooler
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Any Tax professionals here?
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<blockquote data-quote="tranger2" data-source="post: 2718186" data-attributes="member: 10076"><p>For 2014, a single individual gets a standard deduction of $6200 and a personal exemption of $3950. Therefore, he wouldn't owe any taxes unless he made more than $10,150. Usually, a person in this position would still file a return to get back any federal taxes that had been withheld.</p><p></p><p>HOWEVER, If you claimed your son as a dependent on your return, you get the exemption on your return, he cannot claim the $3950 exemption, he is taxed on the amount over $6200....</p><p></p><p>He pays taxes on any money over $6200 (Standard Deduction amount). When he input his first W-2, he was under that amount and turbo tax showed he didn't owe anything, therefore a full refund. When he input the second W-2, he now exceeded the amount and owes 10% at that lower level.</p></blockquote><p></p>
[QUOTE="tranger2, post: 2718186, member: 10076"] For 2014, a single individual gets a standard deduction of $6200 and a personal exemption of $3950. Therefore, he wouldn't owe any taxes unless he made more than $10,150. Usually, a person in this position would still file a return to get back any federal taxes that had been withheld. HOWEVER, If you claimed your son as a dependent on your return, you get the exemption on your return, he cannot claim the $3950 exemption, he is taxed on the amount over $6200.... He pays taxes on any money over $6200 (Standard Deduction amount). When he input his first W-2, he was under that amount and turbo tax showed he didn't owe anything, therefore a full refund. When he input the second W-2, he now exceeded the amount and owes 10% at that lower level. [/QUOTE]
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