For the tax experts out there. I am 20years old and just got my w2 and I do still live at home and when I went to my accountant she told me that I should not file and just have my parents file for me as a dependent? Is this a good thing or a bad thing?
Not necessarily. You should have the tax return prepared both for you as a single and with your parents as their dependent to see which one yields the least tax.
If he is a full-time student, his parent is still able to claim him. Like oldman said, preparing both single return and as dependent with his parent to see which one is more benefit. Eitehr way, he has to file....
He does not have to file if his income is less than $5150 and he has no federal or state withholding. If his income is less than $5150 and he has federal or state income tax withholding, he will want to file to get his money back.
