Hey, I made less than 12000 this year and I was wondering if I had to file. I can be claimed as a dependent cause I am a student but I did do some sports betting and profited less than 500. I also bought and sold stock and crypto but only made like 100 or less.
Yes, you will need to file.
Taxpayers who are claimed as a dependent on someone's tax return are subject to different IRS filing requirements, regardless of whether they are children or adults. A tax return is necessary when their earned income is more than their standard deduction.
The standard deduction for single dependents who are under age 65 and not blind is the greater of:
A dependent's income can be "unearned" when it comes from sources such as dividends and interest. When a dependent's unearned income is greater than $1,250 in 2023, the dependent must file a tax return.
See this article for more information: Filing Requirements
Do you have -- or will you receive--- a W-2 showing federal or state tax withheld? If so you would want to file a tax return to seek a refund. Or.....if you had even $432 of self-employment income, you are required to file a tax return and pay self-employment tax for Social Security and Medicare. (did you ---for example---make deliveries for doordash, instacart, ubereats, etc.? Mow lawns? Babysit?)
Who has to file?
http://www.irs.gov/uac/Do-I-Need-to-File-a-Tax-Return%3F
CAN I FILE A RETURN IF I AM A DEPENDENT?
If you can be claimed as a dependent on your parents’ return, you can still file your own return so that you can receive a refund of taxes withheld. Your W-2 will show federal tax withheld in box 2, and state tax withheld in box 17. (You will not get back anything for Social Security or Medicare withheld.) Be sure that on your own return you say that you can be claimed as a dependent on someone else’s return.