2011 Income Requirements for Minors:
- Unearned income is greater than $950. This includes the dividends and interest on savings accounts or investments in the minor child's name.
- Earned income is greater than $5,800. This includes the money your minor earns at a part time job.
- Self employment net earnings are greater than $400.
- Earned and unearned total income is greater than the larger of $950 or earned income plus $300.
How to File a Tax Return for a Minor:
- Attach to parent's return. If your minor is under age 19 (or a full time student under 24), and the his income is less than $9,500 and only from interest and dividends, it can be attached to the parent's return using Form 8814. If there is any income from a part time job, you cannot attach your teen's tax return to your tax return. While this method is an easy way to file the tax return, it can however, result in higher taxes on qualified dividends or capital gains.
- Complete individual tax return for minor. If the requirements are not met to attach it to the parent's return, or you want to ensure lower taxes, your minor child should file his own return. He can file a simple return for free at CompleteTax.
Kiddie Tax for Minors:
Other Filing Requirements for Minors:
Teaching Kids About Taxes:
Optional Tax Filing for Minors:
Even if your minor is not required to file an income tax return, he can choose to file one. He may want to do this if he had withholding from a part-time job and wants to get a refund.
Once you determine that your minors will need to file a tax return, you can use CompleteTax to file a free tax return for a minor.