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bhy7897
New Member

I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.

 
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DoninGA
Level 15

I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.

If the income received is not for any type of work that you do for your parent's then it is a gift.  Gifts received are not reported on a tax return, regardless of the amount received.

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DoninGA
Level 15

I'm a 16 year old student and i receive $400 monthly income from my parents. Do i need to pay any taxes? I have american nationality but my parents do not.

If the income received is not for any type of work that you do for your parent's then it is a gift.  Gifts received are not reported on a tax return, regardless of the amount received.

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