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Get your taxes done using TurboTax
Hello,
Your dependent can start earning money at any age.
A minor who may be claimed as a dependent must file a return if their income exceeds their standard deduction ($12,950 for tax year 2022).
• A minor who earns less than $12,950 will not owe taxes but may choose to file a return to receive a refund of withheld earnings.
• A child who earns $1,150 or more (tax year 2022) in "unearned income,” such as dividends or interest, needs to file a tax return.
• A minor who earns tips or makes more than $400 (tax year 2022) in self-employment income will have to pay Social Security or Medicare taxes, regardless of their total earnings.
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October 26, 2022
11:06 AM