dependents

Forum|Forum|1 year ago
October 30, 2024
2 replies
7 views

should 16-18 year olds file each year? summer jobs

VolvoGirl

Level 15

Possibly.

They don't have to file if they only have W2 income under 13,850 (2023) but can file to get back any withholding taken out in boxes 2 or 17. But you don't get boxes 4 or 6 back. If they got a 1099Misc or 1099NEC they have to file it as self employment income no matter how small the amount.

Be sure on their return they check the box that says they can be claimed on someone else’s return.

Filing requirements for a dependent
https://ttlc.intuit.com/community/children-dependents/help/do-i-need-to-file-my-own-taxes-if-i-m-a-dependent/00/26111

xmasbaby0

Level 15

MY DEPENDENT HAD A JOB

If your dependent has a W-2 for his after-school job, summer job, etc. you do not include the information on your own return. You can still claim your child as a dependent on your own return. He/she can file his own return for a refund of some of his withheld wages (he won’t get back anything for Social Security or Medicare), but MUST indicate on it that he can be claimed as a dependent on someone else’s return. (Supervise this closely or prepare it for him!)

If your dependent’s earnings were over $400 and were reported on a 1099Misc or 1099NEC then he must file a return and pay self-employment tax for Social Security and Medicare.

You might also want to use free software from the IRS Free File versions:

https://apps.irs.gov/app/freeFile/

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

FranklinF

Employee Tax Expert

Unless otherwise stated by the Internal Revenue Code, ALL INCOME is taxable.

Dependent Children have Tax Filing Requirements that are different from those of other taxpayers.

For Tax Year 2024, a dependent child who has earned more than $14,600 ($13,850 in 2023) of earned income needs to file a personal income tax form (1040). Earned income includes wages, tips, salaries, and payment from self-employment.
A dependent child who receives more than $1,300 in investment income in 2024 ($1,250 in 2023) is required to file a tax return. Investment income includes interest and dividend payments.
If your child’s investment income consists only of interest and dividends, you can use IRS Form 8814 to include it on your own return and combine it with your own income. Doing this may push you into a higher tax bracket and result in higher income tax than if you prepare a separate return for your child.

Lastly, a dependent child may NOT be required to file a tax Return, but if he/she had any withholdings, oftentimes it is advantageous to file a Tax Return as a dependent so that he/she ay get a refund for said withholdings.

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