OT: Filing income tax for teens?

[GloryDawg]

Any of you had to do it for you kids and how did you do it? I need to do for my two.

 

[horshack.sixpack]

If they meet the required threshold, congrats on having hard workers. Make them each start a TurboTax account of their own and make them do everything in the online tool, including filing. Look over their shoulder and help. Life skill.

 

[stateu1]

Any of you had to do it for you kids and how did you do it? I need to do for my two.

Probably only need to file if they had withholding to get back. You can do the fed for free at www.irs.gov Be sure to indicate that they are claimed as a dependent on another return.

 

[GloryDawg]

If they meet the required threshold, congrats on having hard workers. Make them each start a TurboTax account of their own and make them do everything in the online tool, including filing. Look over their shoulder and help. Life skill.

Both made over 3000.00. I figure they are both in zero tax bracket. I have a few days to think about it. I am thinking about using IRS member. I use Turbo myself but it's not free. It might be for them. I will pay it for them so they can get a return. Just trying to figure out the best rout for them.

 

[PooPopsBaldHead]

17 that. Send em' to the library to get those paper forms like we filled out as teens. And have them telefile.


View attachment 24226

 

[dorndawg]

17 that. Send em' to the library to get those paper forms like we filled out as teens. And have them telefile.


View attachment 24226

 

[MadReb]

If they made less than $12,500, they are not required to file a tax return. However, if they had money withheld, they should file a return to get back that money. When they complete a W4 form if they know they won't make at last $12,500 they can have no money withheld.

 

[Muttley]

Both made over 3000.00. I figure they are both in zero tax bracket. I have a few days to think about it. I am thinking about using IRS member. I use Turbo myself but it's not free. It might be for them. I will pay it for them so they can get a return. Just trying to figure out the best rout for them.

I'm pretty sure if you use the 1040 ez with turbo it's free and easy.

 

[MSUDC11]

Probably only need to file if they had withholding to get back. You can do the fed for free at www.irs.gov Be sure to indicate that they are claimed as a dependent on another return.

The withholding is the main thing with most teens. I’m a CPA and very rarely do we see teens that end up owing taxes. Most that file a return are just getting back whatever federal and state taxes are held out of their paycheck. In some cases it may not even be worth fooling with if they only stand to get back a few dollars.

 

[GloryDawg]

The withholding is the main thing with most teens. I’m a CPA and very rarely do we see teens that end up owing taxes. Most that file a return are just getting back whatever federal and state taxes are held out of their paycheck. In some cases it may not even be worth fooling with if they only stand to get back a few dollars.

Thanks! I am going to look at the W2's and see if they paid in.

 

[Indognito]

Topic No. 553 Tax on a Child's Investment and Other Unearned Income (Kiddie Tax) | Internal Revenue Service (irs.gov)

 

[Cousin Jeffrey]

In some cases it may not even be worth fooling with if they only stand to get back a few dollars.

On principle alone, it's worth it.

 

[fishwater99]

When I was a kid I had to pay taxes on investments and property my dad had put in my name. Still waiting on my refund...

 

[patdog]

When I was a kid I had to pay taxes on investments and property my dad had put in my name. Still waiting on my refund...

It's coming with your stimulus check. **

 

[dorndawg]

When I was a kid I had to pay taxes on investments and property my dad had put in my name. Still waiting on my refund...

My dad told me to hope in one hand, **** in the other & see which one filled up- so yeah, basically the same.

 

[stateu1]

On principle alone, it's worth it.

Absolutely.

 

[DoggieDaddy13]

If they meet the required threshold, congrats on having hard workers. Make them each start a TurboTax account of their own and make them do everything in the online tool, including filing. Look over their shoulder and help. Life skill.

Dude, you're definitely the right kind of Dad.

 

[vhdawg]

One of my brothers got a big college fund gift from an uncle when he was maybe two years old, and had to file a tax return. I can still remember watching him scrawl his name on the form, it was kinda funny.

 

[horshack.sixpack]

My dad usually said pee in one hand and wish in the other.