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billmcse
Level 4
Jun 14, 2023 7:05 PM UTC
Question

Filing for son

What is the amount a 21 year old student can make before they are REQUIRED to file a tax return?

 

3 replies

Level 15
Bsch4477Level 15
Level 15
Jun 14, 2023 9:07 PM UTC

The minimum income requiring a dependent to file a federal tax return. 2022 filing requirements for dependents under 65: Earned income of at least $12,950, or unearned income (like from investments or trusts) of at least $1,150.

 

Self employment income over $400 is subject to self employment tax.

    billmcseAuthor
    Level 4
    Jun 14, 2023 9:12 PM UTC

    What about interest income (he cashed in some bonds)? Is that considered part of the $1150?

    Level 15
    Bsch4477Level 15
    Level 15
    Jun 14, 2023 9:18 PM UTC

    Yes, both interest and capital gains are unearned income. 

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