“Ok so heres thing wouldnt i get in trouble for doing this?”--->Even though you are claimed as a dependent of your dad, as a dependent (single or married), you must file a return if any of the following apply; your unearned income, I mean interest income or dividend income or etc., was more than $950 Or your earned income was more than $5,700; your gross income was more than the larger of:$950(unearned income), or your earned income up to $5,400 plus $300, or your self employed income is $400 or more. For instance, if your earned income is $5,000 and your interest income is $1,000 then you need to file your return as a dependent as $1,000( unearned income, I mean interest income)>$950 or as your gross income exceeds $950, unearned income; $1,000>$950.. Exception: If you, as a dependent, are married and your spouse files a separate return and itemizes deduction, then you must file your tax return if your gross income was at least $5 or if you meet any of above requirements.
“And also how can he claim me? From my understanding im too old”---->It depends on the situation;to be claimed as his qualifying child, you must be either under 19, or under the age of 24 and a full time student. As you are NOT a full year student and are 20 years old, your dad can’t claim you as his qualifying child but as long as he meets the conditions to claim you as his dependent, he can STILL claim you as his dependent as his qualifying relative; for example, as long as your dad provides more than half of the dependent's, your, total support during the year, then as you do not provide over 50% of your own support ,i.e., food , clothing, or medical and dental care or etc., he can claim you as his dependent as a qualifying relative regardless of your age. However, if you, as a dependent, earn more than $3,650, the personal exemption amount during the year, 2010. Then you dad can’t claim you as his dependent. For instance, if your gross income is $4,000;$4,000>$3,650 for 2010, you dad can’t claim you as his dependent though he provides more than 50% of your total support.