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Woodman
Level 2

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

 
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Accepted Solutions
bwa
Alumni
Alumni

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

There is no way for him to get a refund of withheld taxes without filing a tax return.

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7 Replies
bwa
Alumni
Alumni

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

There is no way for him to get a refund of withheld taxes without filing a tax return.

Woodman
Level 2

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

Thanks.  In this case does he need to submit form 8938 as well, given owing >$50,000 foreign bank asset?  If so can he still use form 1040EZ or needs to be 1040?
bwa
Alumni
Alumni

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

The instructions for Form 8938 indicate it can be attached to several returns including Form 1040.  Forms 1040-A and EZ are not included.
Woodman
Level 2

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

Great - thanks!
Woodman
Level 2

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

May I ask one more clarification?  For my tax return, I will count him as dependent (thus he was withdrawn $400 from his income).  Still he can file his own tax return above to get his tax refund (he should pay no tax), correct?
bwa
Alumni
Alumni

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

You can claim him as a dependent so long as he did not provide more than 1/2 of his own support, and he can file his return and get a refund of any withheld tax.
Woodman
Level 2

Does my 20yrs son @ colledge need to file tax return to get refund? He earned $4000 and tax deducted $400. He also has foreign bank >$50,000 so need to file form 8938?

Thanks!
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