This is the first time I've been employed and I never filed taxes before. When I filed the forms, I filed exempt not knowing that I was still considered a dependent or what to claim. Since February (I don't have a summer job) I've made an estimate of $1,550. I will start work again in September. Can I change the forms now and not claim exempt? If I change forms now, what will happen? Will I face a fee for previously claiming exempt? PLEASE LET ME KNOW. THANK YOU.

I assume you are speaking about the W-4. That form is submitted to your employer to tell the employer how much you want withheld from your salary.

You can change it as much as you want without penalty.

On $1,550 of income, you will owe NO taxes even if your parents claim you as a dependent. If you expect to make MORE than $6,000 for 2012, you should change your exemption from EXEMPT to SINGLE with 1 Allowance.

If not, then leave it at EXEMPT.

If your parents are still claiming you as a dependent then get all your income papers together and any possible college tutition reciepts together and go with your parents with their tax paperwork to a tax preparer to sort everything out. Every situation is different and I'm not sure if your going to school or of your details. Your best bet is to always ask your parents to teach you. Don't be afraid to ask them for help because sometimes doing things on your own you could possibly screw up their tax stuff. Last thing you want is to cause an audit.