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Get your taxes done using TurboTax
Please see IRS Pub 17 page 8 Table 1-2 for filing requirements for dependents:
- Your earned income (money you made by working) exceeds $12,400
- Your unearned income (interest, dividends, capital gains, etc.) exceeds $1,100
- Your business or self-employment net income (gross minus expenses) is at least $400
- Your gross income (earned plus unearned) exceeds the larger of $1,100 or your earned income (up to $12,050) plus $350
Please see IRS Topic No. 553 Tax on a Child's Investment and Other Unearned Income (Kiddie Tax) and Publication 929, Tax Rules for Children and Dependents for more information on the Kiddie tax.
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ā€ˇFebruary 9, 2021
11:26 AM