Hey guys I’m an 18 yo senior and was wondering how do you file taxes? I started working at Walmart when I was 17 in 2024 but i hav no idea how filing taxes even work? Do you basically get taxed and then the government pays you that money back? And it’s illegal to not file them?? I wish they taught this in school instead of having to learn this outside of it. I’m just here to better my knowledge and how to make better financial choices
What is filing taxes and how do I go about it
byu/Easy-Yogurt-9618 inpersonalfinance
Posted by Easy-Yogurt-9618
8 Comments
Did you get a W-2 from Walmart in the mail?
Do you have parents you could ask?
Don’t Walmarts have a tax store inside them? I feel like that’s always one of the front booth stores I see. Seems like that’s be a good place to start. What do your coworkers do?
Well the quick summary is that the government may take money out of your paycheck in the form of taxes. Your employer reports the income they pay to you to the government as well and they withhold some money for taxes.
At the end of the tax year (soon), you need to “file taxes” to report all the income you made for the year because nobody has a full picture of all the money you earned except you. The company you work for may not have known about your side gig, etc, right?
So yeah “filing taxes” is figuring out all the tax liabilities and payments and then reconciling everything. Sometimes you get money back from the government and sometimes you owe the government money. It’s not really a big deal, just a hassle.
You won’t really get in trouble for not filing if the government owes you money but you would get in trouble if you owe them money. It’s always in your best interest to file every year to get your refund or pay any money you owe ASAP before accruing penalties.
No one in the comments currently is mentioning whether you could be claimed as a dependent
Ask your folks if you are still considered a dependent or if they have filed already
If they haven’t, you could attempt to get the federal tax withheld back in some way
But check with them, otherwise you’re filing this year
Try TurboTax or H&R block online. Both programs are very easy to use and walk you through the information that is required. Simple tax forms (meaning 1040) are free & sufficient for a student like yourself.
You will be able to process your own taxes, all that’s needed is your W2 form from Walmart & proof of health insurance.
Congrats on working & earning you’re own money, I’m sure your parents are very proud!! I wouldn’t worry about your taxes from 2024, chances are as a high school Junior, you were only working part time and didn’t earn enough to be taxed. Good luck 🤞
Taxes are a lot easier than you think! If you attended and paid attention in school, I guarantee your teachers taught you know everything you need to pay taxes! It’s essentially just reading and following instructions, inputting information, and double checking your work. Skill you learned in school. So don’t fret!
You get a tax return if you have paid more in taxes than what you owe. You owe taxes if you paid less throughout the year than what you owe.
Start by reading the taxes wiki linked above. That will answer all of your questions. You should have received a W-2 from Walmart. You can use resources like freetaxusa to file your taxes for free/cheap. Just create an account, and follow the directions. Make sure you’re inputting information correctly. Once you’ve double-checked what you’ve entered, you’ll be good to go! At your age and with one job, taxes are super simple. If you’re struggling and you don’t have parents around to ask, I bet if you kindly asked a teacher or a counselor at your school, they would help you. Public libraries are also good resources and will often have people who can help you.
If your parents are around, they might be claiming you as a dependent, so ask them first!
You’ve got this!
Honestly just use a service like turbo tax. Do not select any fancy stuff unless it’s required to file (which for you might just be the free version)
You will need your w2 and any form 1099. Any bank or financial institution + any job should give you tax forms to put in the system
You must file every year for the previous year (file 2025 in 2026) before April 15. If you overpaid taxes you get a refund, otherwise you need to pay some more.