I am a college student so I want to know what is the most I can earn before I have to file indepentently, since my parents are still putting me as their dependent or do they have to report my income? Thx 2 anyone who replies :)
2007-11-29 03:52:48 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
That depends upon the source of the money. If it's from self-employment it's only $400. From wages it would be $5,350. For unearned income it's $850.
The only time that parents "report" a child's income is certain unearned income that is taxed at the parents' marginal rate. That closes a loophole formerly used by the wealthy. Income from wages and self-employment is ALWAYS reported by the child, never by the parents.
2007-11-29 04:06:09 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
if you parents are claiming you, then you lose the personal exemption (about 3200), but you should still have the standard deduction ($5150 for 2007), so you would only be taxed on earnings over $5150 in 2007
2007-11-29 06:07:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋