Made Under $7000 in 2010 & a Dependent; Do I Need to File Taxes?

[HappyDude20]

So my cousin is the same age as myself and with tax time coming around, he's wondering if he needs to file taxes. I told him i'd research it for him, and here I am .

He is 22, living at home with his folks (my aunt and uncle) and made just shy of $7,000 in 2010.

My aunt says he doesn't need to file anything under $7000 and that also (this way) she can claim him as a dependent...though my uncle and my pops (his uncle (lol)) say that you should report it nevertheless, just in case.

If it makes any difference; we're both in California.

 

[miles01110]

You should really seek the advice of a licensed financial advisor.

 

[chrmjenkins]

So my cousin is the same age as myself and with tax time coming around, he's wondering if he needs to file taxes. I told him i'd research it for him, and here I am .

He is 22, living at home with his folks (my aunt and uncle) and made just shy of $7,000 in 2010.

My aunt says he doesn't need to file anything under $7000 and that also (this way) she can claim him as a dependent...though my uncle and my pops (his uncle (lol)) say that you should report it nevertheless, just in case.

If it makes any difference; we're both in California.

Run it through turbotax. It's free for everyone at least until you file.

 

[macking104]

Wirelessly posted (Mozilla/5.0 (iPod; U; CPU iPhone OS 3_1_3 like Mac OS X; en-us) AppleWebKit/528.18 (KHTML, like Gecko) Version/4.0 Mobile/7E18 Safari/528.16)

http://www.irs.gov/individuals/article/0,,id=96623,00.html

Check there. Depends on source of income. You may get a refund. Also has links to sites that let you file for free.

 

[Rodimus Prime]

yes he needs to final. Big time if he paid any taxes because he will get most of it back.

Dependents rules are different in what is protected and what not.

 

[jav6454]

Everyone needs to file taxes. However, as a dependent your taxes are usually handled by whom you depend on (parents for instance), or you can do them yourself.

TurboTax let's you do free online and e-file taxes for everything Federal. If you want to file State taxes with TurboTax, then that's charged.

Yes, being dependent as Rodimus Prime says changes loads of rules and things.