Teens & Taxes

iVillage Member
Registered: 01-20-2005
Teens & Taxes
6
Wed, 02-01-2006 - 12:10pm

I sent my oldest DD (almost 24) an e-mail the other day reminding her that I needed her paperwork to do her taxes. I very hopefully suggested that she could do them herself. She called later that evening laughing hysterically. I thought she was crying, hurt, been attacked, etc. I'm wanting to book a flight, charter a private jet, whatever to get to her. Youngest DD took the phone away from and managed to understand - oldest DD was in tears laughing at my suggestion that she do her own taxes...

This got me to thinking that I need to do things differently with 17 y/o so this year she gets to watch me do hers. Won't that be fun - a hormonal middle age woman, a hormonal 17 y/o girl with b/f problems, and the IRS!!! I wonder if the insanity defense will work (just kidding).

Avatar for momtb4
iVillage Member
Registered: 03-27-2003
Wed, 02-01-2006 - 5:09pm
I do my 17 yr old's taxes. But, first, he had to learn how to do them on paper. I just went to the post office, picked up the 1040EZ form and instructions and handed them to him. He did them that way, I did them in turbo tax. We matched, I efiled, he got a direct deposit (a whole $16....) and everyone was happy. This year I just did them, but after this, I'm only avaiable for consultation. Turbo tax (taxfreedom.com) is the best way to do them and all the directions are right there, so there is no excuse to not do their own taxes.
Avatar for jupiterfit
iVillage Member
Registered: 05-12-2003
Thu, 02-02-2006 - 2:02pm
Great suggestion, I will have my teen do it the same way this year.
Debbie
iVillage Member
Registered: 08-05-2004
Thu, 02-02-2006 - 4:53pm
I pay someone to do my taxes. My paperwork would be nightmare because I'm an independent contractor.

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Avatar for momtb4
iVillage Member
Registered: 03-27-2003
Fri, 02-03-2006 - 1:58am
There are good reasons to pay someone to do your taxes, like being an independent contractor. However, when working full time at Wendy's is the only income the kid has to deal with, it's a 1040EZ short form, 1 single page and honestly takes about 5 minutes to fill out, less with a calculator. It actually takes longer to file with turbotax than on paper when doing the 1040EZ! LOL But, if you can efile free and do a direct deposit, the return is much faster.
iVillage Member
Registered: 01-20-2005
Mon, 02-06-2006 - 11:32am

I agree with you completely. DH used to drive with his job and he wouldn't keep his paperwork like he should and even though I was an accounting major in college and did corporate accounting at the time, I flat refused to do ours. I paid someone else - less arguments betweeun the two of us that way. Now that our income situation is much simpler, I just use TurboTax and there are no arguments.

I think I am going to make my 17 y/o sit down with me this year and watch me do hers and I will probably not use TurboTax for hers. I think it would just be simpler to use the IRS forms for her.

Avatar for momtb4
iVillage Member
Registered: 03-27-2003
Mon, 02-06-2006 - 7:37pm
it's much simpler to use the 1040EZ, but you get a much much faster return if you file with turbo tax, and its free through www.taxfreedom.com as long as income qualifies, which a student will.