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Get your taxes done using TurboTax
I want to make sure I understand correctly for the statement
"Your gross income (earned plus unearned) exceeds the larger of $1,100 or your earned income (up to $12,200) plus $350"
That means when think of gross income( earned plus unearned), if the amount exceeds the larger one between $1100 and $12550, then we will pick $12550( because 12550 >1100) as reference number. If the gross income over $12550, then required to file a tax, otherwise as a dependent ( 21 years old , full time student, only has a earned income from w2 of $7175) not required to file a tax. Is that correct?
Do I need to file my own taxes if I'm a dependent?
SOLVED•by TurboTax•5875•Updated December 20, 2021
Even if you're a dependent, you'll generally need to file your own 2021 tax return if:
- Your earned income (money you made by working) exceeds $12,550
- 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 $12,200) plus $350
July 6, 2022
3:28 PM