fradertoadie asked:


I don’t know much about cd’s except that they earn better interest than savings accounts. My 13 year old daughter received a settlement for a dog bite that she suffered.
It is court ordered that it be placed into a trust or account of some sort that cannot be touched by anyone. She gets it when she turns 18.
Right now it is in a savings account but I want to change it to a cd so she can earn better interest. Someone told me that as her parents, we would have to pay taxes on the interest. That makes no sense since we do not benefit from this money. Do we have to pay it or does she have to pay it later?

Misty M asked:


My parents claim me on their taxes and i am 18. I’ve also never done taxes before. Anything that could help me would be very welcome, because i have no clue what i’m doing.

?MiNNiE MoUsE? asked:


I am an 18 year old college student, and I am currently married. I have had a job now for the past couple of months. Will i be able to file taxes as independent? By the way my parents provide absolutely no financial support for me. Thankz.

hmmm…interesting asked:


if i made over $2,000 this summer and my parents still get to claim me appoximatly how much do u think i would get back in taxes….i’ve never filed them before so i don’t know if i’ll even make enough to make it worth while…:(
i am 18 but i’ve never had to file taxes before i’m not sure what the taxes taken out of my checks added up to usually with everythign considerd it was about $100 so i’m assuming at least $600 if not more i know it’s not very musch but the town i live in is seriously open for like 3 months out of the year!!!

sangamania asked:


I earned about $5k for 2007.
I had my employer withhold max amount of taxes for me.
If I were to file taxes, how much refund can I receive? I heard if you earn below certain amount, you get back most of your taxes.
I am a student, my parents claimed me as a dependent. Does that affect the claim?

Cheri D asked:


The 17yo will check on his taxes that someone else can claim him. The parents of the 17yo will claim him on their taxes. Who gets the tax rebate? The 17yo filing as an individual, the parents claiming the child, or both?
Okay, so let me explain. He is working part time. He can file a return and check the box that says someone else is claiming him. He gets back the little bit he paid to federal and state. The parents claim him as the exemption.

John P asked:


Okay so say i made $4000 last year and my parents could claim me. So If they claimed me on their taxes, i wouldn’t be able to get my tax money back?

The reason for asking this is because id rather let them have that extra $2000 for claiming me rather me filing my taxes and only getting back like a several hundred dollars.