My 16 year old just got his first job. We live in Arkansas, and we are unsure (approaching middle-age, and forgot if I filed or not) if he needs to file income tax.
2006-09-19 16:44:29 · 13 answers · asked by Steve H 1 in Business & Finance ➔ Taxes ➔ United States
Yes, all income is taxable. It doesn't matter who is paying the living expenses of the taxpayer.
2006-09-20 03:44:53 · answer #1 · answered by misslabeled 7 · 0⤊ 0⤋
If your son will earn more than $3,200 this year (as stated on the W-2 mailed in January) from EARNED WAGES, or if he has UNEARNED INCOME of at least $800, then he will be required to file his own tax return. Under that, he can be claimed on your return. In any event, the tax withheld from his paychecks will be refunded. However, since he is 16 and (presumably) a qualifying child, he can write EXEMPT on his W-4, and not have any federal tax withheld, at which point he does not need to file a return. This is quite possibly the simplest method; however, next year he will need to file his own since he will no longer be eligible for the child tax credit.
2006-09-20 01:53:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In 2005 for Federal income tax , if your dependent has only earned income(like wages) or has unearned income(like interest) of $250 or less he is not required to file if he makes a total of $5,000 or less. If his unearned income is greater than $250 he is required to file if his total income is $800 or more. I am not 100% clear on the dependent requirements for state income tax in Arkansas but for single people in general the filing requirement is $7,800.
In either case he may and should file if he had withholding taken out and he would like it back because no tax is due.
2006-09-19 18:58:34 · answer #3 · answered by ? 6 · 1⤊ 0⤋
Yes and No. It depends how much he makes and whether they were taking taxes from his check. If he is not making much, and if he is a full time student, they should not take taxes. FICA and Disability should be it, I believe. If they are, then he definatly wants to file, because he gets all that back. If they are not taking taxes, and he makes more than allowed limit, (i don't remember the limit. About 3,000 I believe) Then he will have to pay. Either way he should file just to be on the safe side, but if they owe him money, it is not such a big deal.
2006-09-19 16:56:56 · answer #4 · answered by eyellnevrtell 4 · 0⤊ 0⤋
As long as they're earning some income, they should file income tax. But they don't necessarily have to pay anything if their income doesn't meet the minimum taxable income (for the year).
2006-09-19 16:54:57 · answer #5 · answered by TY 5 · 0⤊ 0⤋
Yes, but there is a place on the income tax form that asks if you can be claimed as someone else's dependent. As a parent you can still claim your son and get the full deduction.
2006-09-19 16:52:28 · answer #6 · answered by tsopolly 6 · 0⤊ 0⤋
If they are withholding taxes and he wants his money back he will need to file. There is a minimum income threshhold where you do not need to file but if you've paid in (withholding) you will need to file to get the refund.
2006-09-19 17:51:00 · answer #7 · answered by TheDude 3 · 0⤊ 0⤋
I had a friend who worked in an ice cream shop, and he took about $300 home each paycheck after taxes. I remember him having to deal with all of that.
(California)
2006-09-19 17:39:28 · answer #8 · answered by n545ck 1 · 0⤊ 0⤋
Yep, He's got a social security number and a job. He's got to file.
2006-09-19 16:52:02 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes, he still has to file.At least in Indy, I'm sure it's the same everywhere, the government wants as much money as they can get.
2006-09-19 16:51:02 · answer #10 · answered by n1spshell 1 · 0⤊ 0⤋