W4/taxes

CTScoutmom
Wed, 12 Sep 2012 07:17:55 +0000

Your income through wages can never be claimed on your parents’ return. That is only possible with "passive"income such as interest on a bank account, and only to a certain extent.

As far as a W4, you can put whatever you want, including checking the “exempt” box so that no taxes are taken out. If you file exempt, and and up owing taxes, you will have to pay them when you file your tax return. If you had taxes withheld, it is to your benefit to file to get a refund, though it is not required if you are below the filing threshold (note that not owing anything doesn’t mean you don’t have to file).

Filing taxes should not impact financial aid at all. If you had income, it must be reported as your income, whether you file or not. If you do file, it just makes it easier for the school if you are chose for verification.