File-This February 13, 2019 file photo shows multiple forms printed from the Internal Revenue Service web page used for the 2018 US Federal Tax Return in Zerienopur, Pennsylvania (AP Photo). / Keith Srakocic, file)
(NEXSTAR) – When the tax season came, there was much debate about child tax credits and the implications of filing tax returns. Your dependent children may help you with tax refund, but you may also help them get tax refund.
If you have children under the age of 19 (or 24 for full-time students) throughout the tax year, you can claim to be dependents if they have lived with you for more than half the time. .. In 2021 and you will provide more than half of their financial support. (People who cannot claim to be dependents are obliged to file taxes just like any other adult.)
Dependent children who worked in 2021 may still have to file their own taxes, even if you could claim them. If they earn $ 12,550, your child will need to file a tax return. Mark SteverChief Information Officer of Jackson Hewitt Tax Services.
“If they’ve done a job-big jobs, small jobs, new jobs don’t matter-if it had a tax withholding, they can’t get the money back unless they file a tax return.” Steber tells Nexstar. “So if your child works in the summer and they are withholding $ 1,000 or $ 5,000, or whatever, and there is a federal and state withholding, unless they declare it. , The money cannot be recovered. Tax return. “
Lisa Greene-Lewis, TurboTax’s Certified Accountant and Tax Expert, does the same for dependents at college.
“Every year [the IRS] More than $ 1 billion have been reported for unclaimed refunds, many of which are from college students who think they shouldn’t submit, “she explains.
If your child earns income from non-work sources such as interest, dividends, or other unearned income, the filing rules will change. Certain taxes may be levied if the total income received by the child in 2021 exceeds $ 2,200. IRS..
If your child’s only income in 2021 is interest and dividend income, and the total is less than $ 11,000, you can include that income in your tax return instead of filing a separate tax return. There may be cases.
Ultimately, if you’re not sure if your child needs to file their tax returns, it’s a good idea for both Steber and Greene-Lewis to consult a tax expert.
Does my child have to file a tax return? Here’s what you need to know | WGN Radio 720
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