Who files first doesn’t matter as long as you and your parents file correctly. Unless you made a lot of money selling crypto, you are probably still a dependent of your parents as are your children.
If your parents can claim you, then in Personal Info,
- Check YES to Another taxpayer can claim me as a dependent on their tax return.
- Then YES or NO to And this person will claim me on their 2022 tax return.
If you claim yourself and your parents claim you as a dependent, the IRS will reject your return if you file first.
The IRS has an app to help you decide whether you are a dependent. Click on Whom May I Claim as a Dependent?
You may still have to file a tax return to report the money you made from crypto.
The IRS taxes you on the difference between the sales price – selling expenses – what you paid. If you sold crypto for $1,000 that you paid $500 for, your taxable profit would be $500.
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