At What Age Does A Child Have To File A Tax Return?

Michael Ruger - Greenbush Financial Group

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When your children begin working and they receive their first W2, the question from their parents is often “Do they have to file a tax return?” In this video we will cover:
• At what age are you required to file a tax return
• The $12,400 income threshold
• Tax refunds for children
• Impact on the IRS Stimulus Checks
• Can you still claim them as a dependent if they file a tax return?
• Kiddie Tax
Contact Michael Ruger with Questions: 518-477-6686 or mruger@greenbushfinancial.com
Visit our website: www.greenbushfinancial.com/
Subscribe to our channel for more financial planning tips: / @greenbushfinancialgroup
#taxplanning #taxes #greenbushfinancial

Опубликовано:

21 янв 2021

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Комментарии : 20

@yumboyakk9002 Год назад

This basic stuff is what needs to be taught in high school 11/12th grades

@ang8574 Год назад

Yes 👍🏾

@veronicaking7087 3 года назад

Very informative and up to date.

@yumboyakk9002 Год назад

Really great to know this. Thanks a lot, really appreciate it.

@robinmorelli8759 3 года назад

Very helpful 👌

@brg1965 3 года назад

Thanks. Wanted a short video to share with my kids to explain taxes. It would have been helpful to be more clear about what withholding is, and what is withheld on every check. I'll show them their checks to show them what that means.

@ashleydelarosa4348 2 года назад

my mom hides it from me and my other siblings and i think it isnt fair she dosent even spend the money on us

@cesardavid8278 Год назад

I have a question can i claim my mom if I’m 17 but she is not working?

@selenecoello5937 2 года назад

Question: if a 19yrd old/full time student US citizen with a 8k income is a dependent and both parents only have an ITIN .. would it be better for her to file on her own?

@rudra109 Год назад

I am just a beginner in this field but according to the information I have, if child who is full time student under 24 can be claimed as dependent provided they should not support themselves with whatever income they earn. But for claiming child tax credit age limit is under 17 & all should have SSN I think. If child is having earned income better to file their own returns.

@scaffoldedmath 2 года назад

If a kid goes through the Standard Deduction Worksheet for Minors and finds their standard deduction to be under the $12,550 this year, is it true when they file they’ll get all taxed paid refunded? If it is true, I am wondering why this isn’t common knowledge. When I was teaching high school, a lot of my working juniors and seniors didn’t file.

@mahaloubani9151 Год назад

Did you get the answer? I made under 12k and i'm just filing for residence purposes but i'm wondering if i'll receive anything

@scaffoldedmath Год назад

@@mahaloubani9151 yes, dependents living at home still get a refund if they overpaid taxes. The worksheet for minors has a few simple steps (you have to scroll the worksheet to get to the right page).

@splitfancycake9069 Год назад

Lol my friend owes 298 dollars to the us government

@tell-dtruth5470 4 месяца назад

My son 15 years is receiving SSA benefit, how does I file tax for him, or how do I add him in my tax return? Thanks!

@greenbushfinancialgroup 4 месяца назад

You could file a tax return for him via an accountant or turbo tax. That income would be reported on his own tax return not on your return. (Comment for education. Not advice)

@lauraontiveros3432 3 месяца назад

Can I claim 16 year if he makes 8000

@greenbushfinancialgroup 3 месяца назад

Per my partner on the accounting side, the ability to claim a child as a dependent is not based on how much they make. It’s based on did you provide more than 50% of their financial support for the year. (Comment is for education. Not advice) #gfg