My 18 year son recently won a $2,500 sweepstake gift card. He attends college. Is he require to file taxes?

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My 18 year son recently won a $2,500 sweepstake gift card. He attends college. Is he require to file taxes?

Whats the IRS minimum amount for someone to file a tax return....

2007-03-13 17:28:43 · 3 answers · asked by Mr. Hypothetical 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

I assume he is over 18 as of 12/31/2006 and is a dependent on someone's tax return.

He has to file. If he has no other income, his standard deduction is $850 and his taxable income is $1,650. He will owe about $165 in tax on his winnings.

2007-03-14 01:38:01 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋

If he has unearned income of more than $850, he must file a return. That is considered unearned income, so yes, he must file.

2007-03-14 00:43:32 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋

i dont think so

2007-03-14 00:31:16 · answer #3 · answered by Lil Aquarius 3207 2 · 0⤊ 4⤋