Your Child & Taxes

Apr 14, 2015

Education_Students3Even though junior is still your dependent, he may have to file a federal income tax return. This may be true even if junior have a job.

Your dependent child will be required to file an income-tax return for the 2015 tax year if he or she meets any one of the following criteria:

  • Your child has unearned income (investment interest, gains, dividends, etc.) of more than $1,050.
  • Your child’s gross income is more than the standard deduction, which is the greater of (1) $1,050 or (2) $350 plus the child’s earned income ($6,300 maximum deduction).child
  • Your child’s net earnings from self-employment (such as babysitting, yard work, etc.) are $400 or more.

Your child won’t be required to file a return if you elect to include your child’s income on your tax return. This election may be available if your child’s investment income from interest, dividends, and capital gains distributions is more than $1,050 and less than $10,500.

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