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| *Ostroff, Fair and Company>>>United States Taxes |
What is the standard deduction for someone who files taxes where they can be claimed as a dependent on their? |
dad's return? When I was a dependant of my parents, I got all of my money back. But then, I didn't earn more than the standard deduction, normally. Just follow the instructions on the form. You should be claiming single, 0. You support 0 people, not even yourself. The standard deduction is $5150. See page 132 of Pub 17. http://www.irs.gov/pub/irs-pdf/p17.pdf... your standard deduction is 5,150. You do not get the exemption of 3,300. The standard deduction is the same as if you were not a dependent. For someone who is single, that's $5150 for the 2006 tax year. You don't get an exemption for yourself though, since your dad would be eligible to take that. The standard deduction is not always the same for dependents and nondependents. Dependents with more than $850 in unearned income will owe taxes, which is not the case for nondependents who can exclude $5,150 of all income. If you are under age 65 and not blind, the standard deduction is the greater of 1) $850 or 2) earned income plus $300, not to exceed $5,150. Additional amounts are added to the standard deduction if a dependent is over 65 or blind. These added amounts are the same for dependents and nondependents. Source: IRS Pub 17 http://www.irs.gov/pub/irs-pdf/p17.pdf... |
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