| Nobody wants to pay taxes. | | | | children have to file income taxes or not. A child may |
| Not to the state, not to the federal government. | | | | or may not be liable for the filing of an income tax |
| Sometimes it feels like you pay over way too much of | | | | return, depending on the type of income, and how |
| your hard-earned money in taxes. Yet, it's the law. But | | | | much of it was received. For example, was the |
| not everyone is required to prepare and file income | | | | income earned (i.e., from a job) or was it unearned (i.e., |
| tax returns. So exactly who gets the honor and the | | | | interest and dividends). The filing thresholds for each |
| privilege of preparing and filing their annual federal | | | | type of income is as follows:oEarned income - a child's |
| income tax return? Here are some guidelines and | | | | return must be filed if the earned income is more than |
| minimum requirements for preparing and filing federal | | | | $5,350.oUnearned income - a child's return must be |
| income tax returns: | | | | filed if the unearned income is more than $850. |
| If you're under 65 years old, you have to file an income | | | | Now here's a little confusing twist: if the child has both |
| tax return if you make at least:o$8,750 as single | | | | earned and unearned income, but each piece doesn't |
| filers.o$11,250 as head of household filers.o$17,500 as | | | | reach the threshold for that particular type of income |
| married couples filing jointly and both husband and wife | | | | as described above, then the total income must be |
| are younger than 65. | | | | looked at in order to determine if the child needs to |
| If you're 65 and older, you get a little bit more of a | | | | prepare an income tax return or not. If this is the case, |
| break. You only have to file a return if you make at | | | | a return must be filed if his or her gross income |
| least:o$10,050 for single filers.o$12,550 for head of | | | | exceeds either $850 or if the dependent's earned |
| household filers.o$18,550 for married couples filing jointly | | | | income (up to $3,050) plus $300 is more than that |
| where one spouse is age 65 or older.o$19,600 for | | | | $850 amount. |
| married couples filing jointly where both partners are | | | | It gets a little bit confusing, but it is important to take |
| 65 or older. | | | | pencil and paper and figure these numbers out |
| Do Kids Have to File Federal Income Tax Returns? | | | | carefully. No one wants to get a letter from the IRS |
| The IRS has a different set of rules for determining if | | | | down the line asking for a tax return. |