Question: Does my child have to file a tax return?
Answer: If you or someone else claims your child as a dependent, your child will need to file a 2021 return if he or she has:
1) Earned income from wages of more than $12,550.
2) Earned net income from self-employment (from a paper route, for example) of $400 or more.
3) Investment income only (such as interest and dividends) of more than $1,100.
4) Both earned and investment income totaling more than the larger of: (a) $1,100 or (b) $350 plus earned income, not to exceed $12,550.
If no one claims your child as a dependent, your child has the same filing requirements as any other taxpayer. Also remember, if your child has any withholdings, the only way to get them refunded is to file a tax return!
Contact us for more information.