I am a dependent, do I still have to file taxes?
Filing taxes is a MUST. IRS requires everyone who exceeds the annual income threshold to file taxes regardless of age. Even if you are a dependent, you’re still required to file taxes if you meet one of the following requirements (from the IRS, Publication 501):
“Single dependents—Were you either age 65 or older or blind?
No. You must file a return if any of the following apply.
Your unearned income was more than $1,150.
Your earned income was more than $12,950.
Your gross income was more than the larger of:
$1,150, or
Your earned income (up to $12,550) plus $400.
Yes. You must file a return if any of the following apply.
Your unearned income was more than $2,900 ($4,650 if 65 or older and blind).
Your earned income was more than $14,700 ($16,450 if 65 or older and blind).
Your gross income was more than the larger of:
$2,900 ($4,650 if 65 or older and blind), or
Your earned income (up to $12,550) plus $2,150 ($3,900 if 65 or older and blind).
Married dependents—Were you either age 65 or older or blind?
No. You must file a return if any of the following apply.
Your gross income was at least $5 and your spouse files a separate return and itemizes deductions.
Your unearned income was more than $1,150.
Your earned income was more than $12,950.
Your gross income was more than the larger of:
a. $1,150, or
b. Your earned income (up to $12,550) plus $400.
Yes. You must file a return if any of the following apply.
Your gross income was at least $5 and your spouse files a separate return and itemizes deductions.
Your unearned income was more than $2,550 ($3,950 if 65 or older and blind).
Your earned income was more than $14,350 ($15,750 if 65 or older and blind).
Your gross income was more than the larger of:
a. $2,550 ($3,950 if 65 or older and blind), or
b. Your earned income (up to $12,550) plus $1,800 ($3,200 if 65 or older and blind).” (Publication 501, IRS)
You are ALSO required to file a return if you meet any of the following:
You received health savings account distributions.
“You had net earnings from self-employment of at least $400.”
You bought health insurance from the Marketplace and/or made Advance payments of the premium tax credit.
There are more conditions that require you to file taxes on Publication 501 from the IRS. These are only a few of them. But there is good news too! You may be entitled to a refund if you overpaid tax withholdings during the year. So regardless of the requirements, you should still file a return if you had earnings during the year.
As a dependent child, you can file your own taxes or the parent claiming you can do so if you only have unearned income (interest and dividends). However, this can increase the amount of taxes they would pay as their income will increase too.
Would you like to know more about this topic? Get in touch with us! Let us fix your tax problems! You can call/text us at (347) 720-2224 or email us your concerns at contact@ztaxllc.com. Follow us on social media.
