My son is a full time student in college, aged 22, and received an NEC-1099 for $2000 for a college related job. This is his ONLY income. My husband and I pay all his expenses so far. We have always claimed him as our dependent.
-I believe he has to submit his own taxes this year for those $2000 earned, correct?
-Should my husband and I still claim him as a dependent in our own taxes? Or not?
Thank you in advance!
MY DEPENDENT HAD A JOB
If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return. He/she can file his own return for a refund of some of his withheld wages from boxes 2 or 17 (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return. (Supervise this closely or prepare it for him!)
If your dependent’s earnings were over $400 and were reported on a 1099Misc or 1099NEC then he must file a return and pay self-employment tax for Social Security and Medicare.
You might also want to use free software from the IRS Free File versions: