Did I do something really stupid?

3 replies
Ok here's the deal:

I am still in college, and so my parents still claim me as a dependent on their income tax.

But,

The other day, without fully thinking about it,

I signed up for an EIN (Employer Identification Number)

so that I could sign up for an affiliate program.


Did I do something really stupid and just screw my parents over on their income tax claims?

Any help would be GREATLY appreciated

Thanks

Rebtl


Edit: This was after they had already filed for this year thank goodness, so I have some time to figure it out.
#stupid
  • Profile picture of the author Kerry Finch
    I am not familiar with the tax laws in the US, so it might be best to check with your folks. In Australia students are able to earn a modest income and still be dependents of their parents.
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  • Profile picture of the author Adaptive
    This is a question for a tax professional.

    From this layman's perspective, I think your having your own tax ID number has nothing at all to do with the calculation. The determination will likely be based on how much money you make on your own vs. how much money your parents provide.

    It would be thoughtful of you to ask if you could meet with whoever does your parents' tax preparation. They can let you know when you will need to provide paperwork about your own business income.

    Who knows, maybe in a year you'll be rich from Internet Marketing and supporting your parents!

    Regards,
    Allen
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  • Profile picture of the author testaccount9998
    Thanks for the responses guys.

    I am going to ask my dad about it soon, but if I really screwed up I at least want to be prepared for how pissed he is going to be at me haha.
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