Newsroom, Tax Strategies, Students & Young Professionals gbfadmin Newsroom, Tax Strategies, Students & Young Professionals gbfadmin

At What Age Does A Child Have To File A Tax Return?

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

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. 

michael.jpg

About Michael……...

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.Money Smart Board blog

Related Posts
Avoid Taking Auto Loans For More Than 5 Years – The Negative Equity Wave
Avoid Taking Auto Loans For More Than 5 Years – The Negative Equity Wave

There is a negative equity problem building within the U.S. auto industry. Negative equity is when you go to trade in your car for a new one but the outstanding balance on your car loan is GREATER than the value of your car. You have the option to either write a check for the remaining balance on the loan or “roll” the negative equity into your new car loan. More and more consumers are getting caught in this negative equity trap.

College Savings Account Options
College Savings Account Options
At What Age Does A Child Have To File A Tax Return?
At What Age Does A Child Have To File A Tax Return?

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

4 Things That Elite Millennials Do To Fast Track Their Careers
4 Things That Elite Millennials Do To Fast Track Their Careers

As a young professional, your most valuable asset is your career. While you can watch endless videos on the benefits of making Roth IRA contributions or owning real estate, at the end of the day if you're making $400,000 instead of

How To Use Your Retirement Accounts To Start A Business
How To Use Your Retirement Accounts To Start A Business

One of the most challenging aspects of starting a new business is finding the capital that is needed to support your expenses as you begin to build up a revenue stream since it’s not always easy to ask friends and family for money to invest in a startup business. Luckily, for new entrepreneurs, there are some little-known ways on how you can use

Traditional vs. Roth IRA’s: Differences, Pros, and Cons
Traditional vs. Roth IRA’s: Differences, Pros, and Cons

Individual Retirement Accounts (IRA’s) are one of the most popular retirement vehicles available for savers and the purpose of this article is to give a general idea of how IRA’s work, explain the differences between Traditional and Roth IRA’s, and provide some pros and cons of each. In January 2015, The Investment Company Institute put out a research

What is a Bond?
What is a Bond?

A bond is a form of debt in which an investor serves as the lender. Think of a bond as a type of loan that a company or government would obtain from a bank but in this case the investor is serving as the bank. The issuer of the bond is typically looking to generate cash for a specific use such as general operations, a specific project, and staying current or

First Time Homebuyer Tips
First Time Homebuyer Tips

Buying your first home is one of life’s milestones that everyone should have the opportunity to experience if they choose. Owning a home gives you a feeling of accomplishment and as you make payments a portion is going to your personal net worth rather than a landlord. The process is exciting but one surefire piece of information that I wish I

Paying Down Debt: What is the Best Strategy?
Paying Down Debt: What is the Best Strategy?

Living with debt is not easy. It can be a constant burden and easily disrupt day-to-day life. Having debt will also ruin your credit score too. The worse your credit score gets, the less likely you will be accepted for any type of loan. One of the fastest ways to get rid of your debt is to pay your debt off in the correct order.

How to Create a Business Plan
How to Create a Business Plan

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity, and hard work. After making the decision to start your

Read More

Posts by Topic