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A dependent child age 18 or under can have interest & dividends of $850 and pay no tax. They could have interest and dividends of $1,700 and pay a tax at their own rate. Any such income above $1,700 will be taxed at the parents rate.
If their income is from salary/wages they could earn up to $5,150 tax free.
I'm not sure what the Ohio filing requirements are, but if they are loke most states they would follow federal law. The other problem with Ohio that I am not sure about is that many of the cities have an incomne tax also.

2007-01-17 06:02:24 · answer #1 · answered by waggy_33 6 · 0 0

I'm not sure about Ohio state income tax.

As for the federal, the minimum requirement to file tax is if the total income exceeds $300 plus his/her earned income or $850, but not exceeding $5150.

This a little bit complicated to explain in one sentence, so here are some examples.

If the child has $600 in unearned income (i.e. interest, investment etc) and no wages, then s/he is under the $850 limit and thus doesn't have to file.

If the child has $100 earned income, then if s/he makes more than $400 he will owe taxes.

Best wishes.

2007-01-17 13:54:50 · answer #2 · answered by JQT 6 · 0 0

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