does teen son need to file a tax return?
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Anonymous
| My son turned 18 in last December 2023. he had a part time job in 2023 where he made around $1500. The employer didn't send him a w-2 and it turns out they actually go the 1099 route. but they said that if we claim our son as a dependent (we do) then he doesn't need to file. I know google is my friend and I'm working on that, but hoped someone on here could offer some insight or point me to a link that explains the responsibility for teen students who have summer jobs, when it comes to filing taxes. Thank you. |
Anonymous
Anonymous
| And if you have $1500 to spare, have him open a ROTH IRA at Fidelity. Com and start his retirement fund with any amount up to $1500. You can still do this for his 2023 earnings up until April 15, 2024. |
Anonymous
|
if his income weren't self-employment, $1500 would be low enough that he wouldn't have to file. But the filing threshold for self-employment is $400, see the IRS 4012 publication page A-5, chart C, #3.
Also, if he should have been an employee and the employer misclassified him, your son can report that to the Department of Labor https://www.usa.gov/job-misclassification and submit the SS-8 form to the IRS. These might not help him, but it could improve things for people in his situation in the future. |
Anonymous
He would have been, yes, but his employer 1090'd him. That categorizes him as self-employed/freelance/contractor. Those who work for DoorDash and the like get 1099s. They also have no taxes withheld, so the IRS will want their money, despite how meager it may be. |
Anonymous
And the threshold for having to file is much lower at $400 for 1099 income vs the allowed W2 income. |