What is the amount a 21 year old student can make before they are REQUIRED to file a tax return?
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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.
What about interest income (he cashed in some bonds)? Is that considered part of the $1150?
Yes, both interest and capital gains are unearned income.
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