topic No. He does not need to file, unless the $2,500 was for... in Retirement tax questions

My 16 year old made $2500, received $41 in interest and payed $14 for early withdrawal of $500 from his savings account. Does he need to file taxes separately?

evan1 — Wed, 05 Jun 2019 18:34:20 GMT

It depends. If he received a form 1099-MISC for his earni...

MinhT — Wed, 05 Jun 2019 18:34:40 GMT

It depends.

If he received a form 1099-MISC for his earnings of $2,500, he is required to file a tax return as this is self-employment income.

If he received a form W-2 for the $2,500, he is not required to file his own return as the wages were less than $6,300. However, he may wish to file a return to get a refund of the taxes withheld. When filing his own return, he needs to indicate that he is claimed as a dependent by someone else.

It was W-2 income. Thank you

evan1 — Wed, 05 Jun 2019 18:35:19 GMT

It was W-2 income. Thank you

No. He does not need to file, unless the $2,500 was for...

IreneS — Wed, 08 Apr 2020 20:26:09 GMT

UPDATED FOR TAX YEAR 2019

No. He does not need to file, unless the $2,500 was for self-employment income reported on a 1099-MISC.

If children are still considered your dependents they must file if:

Their unearned income is greater than $1,100 (like interest and dividends);
Their earned income is greater than $12,200 (from a job, reported on a W-2); or
They received a 1099-MISC and their net earnings from self-employment was at least $400.

[Edited | 4/8/2020 | 12:25pm PDT]