No, not always. The standard deduction for minor children claimed on their parents returns will determine if there is any taxable income. As well as the amount and type of income the minor children may have. The link below will give more insight for your specific situation.
Basics:
- A minor who may be claimed as a dependent, needs to file a return if their income exceeds their Standard Deduction.
- A minor who earns less than $14,600 in 2024 will usually not owe taxes but may choose to file a return to receive a refund of tax withheld from their earnings.
- A child who earns $1,300 or more (tax year 2024) in "unearned income,” such as dividends or interest, needs to file a tax return.
- A minor who makes more than $400 (tax year 2024) in self-employment income will typically have to pay Social Security or Medicare taxes, regardless of their total earnings.
@thegreatginch
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