Wednesday, July 14, 2010

Income tax return question (multiple jobs in US)?

hi...I was wondering if any one here could shed light on several of my income tax return questions in order to get ready for April 15th!





1). In 2007, I've had 3 part-time jobs. Do I have to file each of them separately or is there a form where I can put in all the amounts from the 3 jobs into one filing?





2). I resigned from one job in October. During that job, I was a dependent. Currently, I am independent (and was so for my two later jobs). When I file for the job that I resigned on October 2007 later on this year, will I file it as independent which I am right now?





3.) I had to quit one of my other part-time jobs recently. My last day was in the last week of December 2007. However, my paycheck isn't until in about a couple of days (January 2008) for that pay period. So, am I getting a W-2 form for this job next January next year??





If anyone can answer any of these it would be great, thanks!

Income tax return question (multiple jobs in US)?
1. You will claim income from all three jobs on the same form.





2. If you will not be claimed by your sponsor on their taxes (parents, etc.), then you claim as independent. Generally, if you are independent for over 6 months, you are not classified as a dependent.





3. Yes, you will receive a W-2 form for the amount paid in January, too.





Good luck! Hope this helps.
Reply:You aren't even allowed to file all the jobs separately - you have to combine them onto a form 1040, 1040A or 1040EZ. If all your income was from jobs where you get a W-2, you can most likely use the 1040EZ. It's the shortest and easiest form.





You are either a dependent or not a dependent for the whole year. If you lived with a parent for over half of the year, you're under 19 as of the end of the year or under 24 and a full time student, and you didn't provide over half of your total support for the year, then you are a dependent - if you don't meet all of those, you aren't.





If the paycheck is dated 2008, then it counts as 2008 income and you'll get the W-2 for that next year. W-2's for 2007 show checks dated in 2007.
Reply:Hello my name is William, use to be a fellow IRS tax agent, I recently retired though cause you know it is people don't like I.R.S. agents. But anyways let me get straight down to the point. To answer question one. You can't file them separate. You most report all income in the year of 2007 on the 1099 form, I don't care if you had 20 jobs it still goes on that form of all the income you had made in the year of 2007. For question two. Independent or Dependent? Or do you mean can you file by yourself or with your spouse? It depends and the choice is up to you. The diffrence between filling independent and dependent is if you file dependent and both of you sign and file, that means if you have any with holdings or fees you owe I.R.S. not only you are going to be responsible so is the person who is filling with you. And last but not least for the third question if you quite your job in 07 but your check is not being cashed untill 08, then you are going to have to report it on next years income tax. Cause it is not part of your 07 income. I hope that all this works out for you and Happy New Years. Also I forgot to tell you that you will also need to file a 1040 and a W-2, also the 1099 cause that is where you put various incomes, wages and salaries.
Reply:1. No matter how many jobs you have, you file one tax return.


Take a blank sheet of paper and add up all the box 1 amounts and all the box 2 amounts on your W-2s.





2. Dependent? Independent? If you get W-2s, this is a non-issue. (You apparently put different numbers on the w-4s.) Just do your tax return correctly. (If you didn't support yourself and you are under the age of 19 or were a student 5 months out of the year and were under the age of 24, you will file and indicate that someone else can claim you.)





3. If you get paid in January, it will be a 2008 W-2. This is normal.


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