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Day18
Returning Member

New York State taxes for students

Are you required to file New York state tax return if you are a student and dependent on your parents return, but you earned $4,000 of income ($2500 from a job and $1500 investment income)?

3 Replies
Opus 17
Level 15

New York State taxes for students

The $1500 of investment income potentially makes you subject to the Federal “kiddie tax.”  Since you must prepare a federal return, let the program prepare your state return and tell you if you owe tax or are required to file. 

https://ttlc.intuit.com/community/income/help/what-is-the-kiddie-tax/00/25913

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Day18
Returning Member

New York State taxes for students

Thank you for the response.  I have prepared a federal and state return for myself and for each child since they had their own W2 and 1099 income, and for both kids (19 and 17 year olds), the program resulted in a zero balance due federal return and $49 state tax due.  I am just not sure if I am missing something in a state adjustment as it seems odd not owe on the Federal side, but to owe on the state side.  It also seems wrong to need to file for dependents.

Opus 17
Level 15

New York State taxes for students

New York State has a much lower standard deduction, so I’m not surprised that a small amount of taxes owed. There is no federal or state exemption for students, or children for that matter. If you earn income, you pay tax.

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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