How to File Taxes as a Teen
- 1). Determine how much investment income the child has earned. Children 18 years of age and younger must file federal taxes if their investment income exceeds $900. The first $900 is not taxed, but anything over $900 is taxed at a rate of either 10 or 5 % depending on the investment. It is not necessary to file if the investment income is below $900.
- 2
File Taxes
Determine if the combination of investment income and earned income exceed the minimum filing limits. If a child earns more than $300 in investment income and has earned income that puts the teen over the $900 threshold, then she must file taxes. - 3). Review the teen's tax documentation to see if the child has earned more than $5,450. Once the teen has reached the $5,450 earned income threshold she must file Federal taxes.
- 4). Visit the Internal Revenue Service website and download Publication 17 "Your Federal Income Tax for Individuals." This 299-page document has answers to all of your Federal tax fling questions.
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