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My 17 year old has a job and how do i do the income taxes, do I add the money earned on mine or file? |
My 17 year old has a job and how do i do the income taxes, do I add the money earned on mine or file? Your child files his or her own income tax form. Probably the very short one page form would do. (I forgot the form number). When i was younger my mom had me file the 1040 easy separately from hers and my dad's taxes. seperate filing......1040EZ should be fine for 17 yr old. He/she will pay less taxes at their rate than adding their income to yours. It's only under age 14 that a child's income has to be reported and they are taxed as if it was the parent's income. And THAT is a rip off! Filed and paid taxes for my kids from age 6 months until they finished college. The IRS has instructions for each of the personal income tax forms online (1040, 1040A, 1040ez). It may take some time to puzzle through the instructions, but in the instructions is also a toll free help number for the IRS (also with lengthy instructions). There are various factors that you will look at, like whether he is a dependent or not that will impact how he is claimed on your tax return. My guess is that he is probably a dependent, but should file his own return for his income. However, my guess should not be construed as tax advice, and the appropriate place for advice (if you've read the instructions and still have questions) is a tax consultant. The instructions are at: http://www.irs.gov/pub/irs-pdf/i1040a.pd... http://www.irs.gov/pub/irs-pdf/i1040.pdf... http://www.irs.gov/pub/irs-pdf/i1040ez.p... |
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