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You do not report his/her income on your return. She has to file her own separate tax return. If your dependent child is under age 19 (or under 24 if a full time student), he or she must file a tax return for 2017 if he had any of the following:
1. Total income (wages, salaries, taxable scholarship etc.) of more than $6,350 (2017).
2. Unearned income (interest, dividends, capital gains) of more than $1050 (2017).
3. Unearned income over $350 and gross income of more than $1050
4. Household employee income (e.g. baby sitting, lawn mowing) over $2000 ($6350 if under age 18)
5. Other self employment income over $400, including box 7 of a 1099-MISC
Even if he had less, he is allowed to file if he needs to get back income tax withholding. He cannot get back social security or Medicare tax withholding.
He doesn’t get his own $4050 exemption (deduction), when he files. In TurboTax, he indicates that somebody else can claim him as a dependent, at the personal information section.
You can, most likely, still claim her as a dependent and get the Earned Income credit (EIC) for doing so. You can not use her income to calculate additional EIC. You will not get the child tax credit if sh is over 16.
MAGI is Modified Adjusted Gross Income. It has many different purposes and is calculated differently depending on what tax attribute you are dealing with. You haven't described anything that MAGI would affect either your or your daughter's return.
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