W4/taxes

swimcatsmom
Wed, 12 Sep 2012 00:46:30 +0000

If your income is at or over the 2012 standard deduction of $5950, you must file a tax return. Even if it is below $5950, you should file a tax return to get any tax overpayment refunded to you. File your own tax return. DO NOT FILE through your parents tax return.

Filing a tax return will have no effect on your financial aid (except you must of course file a return if legally required to do so, not doing so means no aid). Your income must be reported on FAFSA whether you file a return or not.

As far as the W4 is concerned, the number of exemptions you enter affects how much tax will be withheld (more exemptions - less tax withheld). If you are a student aged under 24, it is likely your parents your parents will still claim you as a dependent on their return. That being the case, you should technically enter 0 for the allowances as only you or your parent get to claim you as an exemption (personal exemption if you claim yourself, dependent exemption if your parents claim you). If your parents will not claim you as a dependent, then enter 1.