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Hello, so when I go back to college this fall I'll be a Course Assistant making around $16/hr. After doing the math I figured I would be able to earn around $2.5-3k.
But, in addition to the earned income, I have some money invested through both Schwab and Robinhood with most likely less than $100 in dividend payments this year and with no realized gains.
Other than a few other bank accounts paying less than $10 interest a year, I had a question about whether I have a tax filing obligation.
I'll be claimed under my parents as a dependent, and from my research I think that means I'll be disqualified from personal-exemptions, which I think doesn't matter this year since Trump eliminated those anyway.
But do I still receive the standard deduction of $12,000? And if so does that mean I don't have to file for my income/investments?
Also final question, since I'm not a resident of MA and my home state TX doesn't have income tax, do I qualify for the MA personal-exemption of $4,400 (and thus not have to file in MA either) even though I'm a dependent under my parents federal return?
Sorry is these questions don't make much sense, I'm pretty green with all this tax stuff and I don't post much so I don't know how to write these sort of posts.
Thanks in advanced for the help!
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- 6 years ago
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