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Did your kid get a part-time job during the summer? And now you were you wondering if your kid needs to file taxes for next year.
Hello, this is Noel Dalmacio, your ultimate CPA at LowerMyTaxNow.
If your kid has only a W-2, your kid needs to file a return if the total is more than the standard deduction. Starting in 2018, the standard deduction for a dependent child is up to $12,000. That means your kid can make up to $12,000 without paying taxes. That’s almost double from the 2017 numbers.
Here are two other things that you need to consider:
- Have your kid claim “exempt” on the W-4 withholding allowance form so that he does not have to file a tax return if he makes less than $12,000.
- Your kid should still file a return if he or she qualifies for the other credits like earned income credit, additional child tax credit, or refundable American opportunity education credit.
There you have it. That’s the new tax filing requirement for 2018.
Until then, this is Noel Dalmacio, your ultimate CPA at lowermytaxnow.com.
Last Updated by Admin on 2018-07-31 06:48:22 PM