When your children begin working and they receive their first W2, the question from 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
DISCLOSURE: This is for educational purposes only. This is not tax advice. For tax advice, please consult your tax professional.
Hi, I’m Michael Ruger. I’m the managing partner of Greenbush Financial Group and the creator of the nationally recognized Money Smart Board blog . I created the blog because there are a lot of events in life that require important financial decisions. The goal is to help our readers avoid big financial missteps, discover financial solutions that they were not aware of, and to optimize their financial future.