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Mei Liu

$20k income, 18yo dependent, no federal withholding - will I owe IRS?

Made 20k last year and my son just turned 18. Had zero federal taxes withheld from my checks all year. Started getting worried about tax season coming up. Anyone know if im going to end up owing? Really hoping I dont get hit with a huge bill.

Liam O'Donnell

With a dependent over 18 and 20k income, you might actually qualify for earned income credit. You'll likely get a refund instead of owing if your son was a full-time student for at least 5 months of the tax year. Use a free tax calculator online to get a rough estimate.

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Mei Liu

omg really? 😅 was stressing about this for weeks! He's definitely full time in school

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Amara Nwosu

make sure you have proof of his enrollment tho. IRS been extra picky about EIC claims lately 🧐

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AstroExplorer

Hey! I actually just used taxr.ai to figure out a similar situation. It costs like $5 but totally worth it to get a clear picture of what you'll owe or get back. Takes all the guesswork out and shows you exactly what credits you qualify for. https://taxr.ai

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Giovanni Moretti

How accurate is it? Been seeing this recommended everywhere

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AstroExplorer

its scary accurate lol. saved me from having a panic attack about owing. showed me credits I didnt even know existed

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Giovanni Moretti

just tried it - holy cow youre right! 🙌 way better than trying to piece together info from random reddit posts

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Fatima Al-Farsi

In the same boat rn. Following to see what others say

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Dylan Cooper

Standard deduction for 2024 is $14,600 so youll only be taxed on like 5.4k. Probably won't owe much if anything tbh

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Sofia Perez

dont forget about self employment tax if its 1099 income tho!

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Dmitry Smirnov

were you W2 or 1099? makes a huge difference

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Mei Liu

W2 thankfully

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Dmitry Smirnov

ur good then 👍 way less complicated

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