In 2019 I worked a part time job for a few months where I earned $5.8k in gross income before quitting since I had to leave for college. Although I've worked for the past few years, this is the first job I've had both as an 18 year old, and where I earned more than $1.5k. I also did a little Postmates work at the beginning of the year where I earned about $300, although I never paid taxes on that money. I've never filed before but since this seems like a more significant amount than the amount I normally make, and I'm now legally an adult, I'm wondering if this is something I should be considering.

It is important to note that despite my age, I'm still technically a dependent because my mom claims me on her tax returns and I fill out the FAFSA as her dependent. I receive about $3500 in federal subsidized student loans each year. In October she lost her job, if that's important.

I'm here because I'll admit that what little financial knowledge I do possess doesn't extend to taxes, and so I'm wondering if anyone can give me a breakdown of the pros and cons of filing a tax return in this situation along with their own thoughts so I can make a decision. I'd also really appreciate it if someone could explain if I'm in the clear on that $300 in Postmates earnings, since I read somewhere on the internet that it's below the amount that would require me to claim it as self-employed income.

submitted by /u/GoldArchex

Source link

قالب وردپرس


Please enter your comment!
Please enter your name here