2007-02-21 16:20:37 · 7 answers · asked by Letty 2 in Business & Finance ➔ Taxes ➔ United States
There are no age limits on filing a tax return. If an infant has taxable income, a return is required. In that case it would be signed by the parents, but it would be in the infant's name.
Your income is NEVER claimed on your parents' tax return, contrary to what one uninformed poster stated.
2007-02-21 23:36:41 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
I'm a tax preparer for H&R Block. This is what I suggest to our clients.
If a person who is under 18 (I'm guessing that is the age you are referring to) has income that is over $3300 and is taxable, such as wages or interest income, they should file a return. If they had Federal withholding taken out of the income, they probably will get all of that back as a refund.
It is perfectly legitimate for them to be carried as a dependent on the parents' tax return and it is probably going to be more beneficial to the parents to claim this person than it would for the person to claim his/her own exemption.
To do this, look for a check-box on the child's tax return where it asks whether you can be claimed as a dependent on someone else's return and check that box. This allows the parent to claim the child's exemption as their dependent. On the child's return, only use the standard deduction for a Single (I'm assuming this is an unmarried child) person, which is $5150. On the line where it asks for the personal exemption amount, enter zero because the parent is claiming that. The rest is simple math, and the child should get back any withholding they had paid in, unless the income is enormous.
If you have trouble completing the tax return, just call your local tax office and they'll help you out.
2007-02-22 00:34:56 · answer #2 · answered by Peggy K 5 · 0⤊ 1⤋
If you have income, then you need to file a tax return. You will probably get all of the money back as long as you made less than $5150 this year since you are probably being claimed on your parent's tax return.
2007-02-22 08:17:13 · answer #3 · answered by Steve 6 · 0⤊ 1⤋
Age doesn't have anything to do with it, it's your income that counts. If you have over $400 in self-employment income, you are required to file. If you can be claimed as a dependent and have over $5150, you have to file. If you can't be claimed as a dependent, if you're single you have to file if your income is over $8450. There are other limits for other filing statuses, and the limits go up a little if you are over age 64.
2007-02-22 00:33:39 · answer #4 · answered by Judy 7 · 2⤊ 1⤋
Minors can usually file on their parents' tax return, unless the minor made a whole lot of money. The instructions on how to do it come with the tax forms or if your parents use tax software it should walk them through what to do.
2007-02-22 00:30:07 · answer #5 · answered by cool_breeze_2444 6 · 0⤊ 3⤋
Yes, if your earning for the financial year have been over the tax threshold. The threshold can be found by calling the IRS. Being underage does not seem to matter to the goverment when it comes to money unless you are under 10 years old I think.
2007-02-22 00:31:23 · answer #6 · answered by Arthur N 4 · 0⤊ 3⤋
Of course. The government wants it's cut. The govt doesn't care about age.
2007-02-22 14:56:04 · answer #7 · answered by Quixotic 3 · 0⤊ 0⤋