How do I decide when to file on my own, not with my parents?
There are several things to consider when deciding when to file your own tax return separate from your parents. Some factors are legal requirements and other factors are personal preferences.
Once you start making money, you might want to file your own tax return. This will let you get the taxes taken out of your paychecks and claim the credits you qualify for.
Generally, you only have to file a tax return for yourself if one of the following is true:
You had a gross income of at least $15,750.
You had self-employment net earnings of at least $400.
You had unearned income (such as interest, dividends, or capital gains) of at least $1,350.
You sold stock in an investment account.
You can see the full list of filing requirements here.
Your parents have likely been claiming you as a dependent each year. They can still claim you as a dependent, and you can still file your own return. But you won’t be able to receive any money from credits—your parents will receive that money instead.
If you file your return and your parents don’t claim you as a dependent, you can claim the credits you qualify for.
