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Going to have an on-campus job next semester in MA, but I have a question about taxes.
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KymWyn is in Massachusetts
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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