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Tax Filing Rules for Children

The IRS requires everyone, not just adults, to file tax returns and pay income tax in every year that the income earned is above the applicable income filing threshold for the particular tax year. This filing requirement extends to children claimed as your dependents. However, children are given more flexibility than their parents to comply with the tax laws.

Dependent Children Taxes

Your dependent children must submit tax returns if they earn certain amounts of income during the year. Different filing rules apply to children and even small amounts of income may require a return. You must ensure that your child is eligible to be your dependent; otherwise, their obligation to file a tax return is the same as adults. The tax rules allow you to claim a dependency exemption for a child if they reside with you for more than half the year, don’t provide more than half of their own financial support and are under the age of 19 at all times during the tax year, or under 24 if a full-time student. If your adult child lives outside of the home because of educational obligations, you may still claim the exemption even though the child does not physically reside with you during the year.

Earned Income

Unlike other taxpayers, the IRS treats your child differently depending on whether they earn money from work or through investments. All dependent children who earn more than $5,700 of income during the year must file a personal income tax return and will owe tax to the IRS. Earned income only applies to wages and salaries your child receives as a result of providing services to an employer, even if only through a part-time job. However, even if your child earns less than $5,700 during the year, it may be a good idea to file a return for them to obtain a refund of any income tax withheld during the year. Regardless of the amount of income your child earns, their standard deduction is different than yours. It can never exceed the larger of $950 or their earned income plus $300, with the maximum equal to $5,700.

Child Investment Earnings

The rules change when your child receives income from sources other than employment, such as interest and dividend payments. When the annual total of this type of income exceeds $950, then a return must be filed for your child. If your child’s unearned income only consists of interest and dividends, then you can elect to include it on your own return and combine it with your income. A valid election is made by completing IRS Form 8814 and attaching it to your personal tax return. However, depending on the level of your income, making this election may result in higher income tax than if you prepare a separate return since higher tax rates may apply. If you do prepare a separate return, the same reduced standard deduction rules that apply to earned income will apply to investment income.

Tax Returns for Kids

The responsibility for filing your child’s tax return rests with your child if he is capable of doing so. If he is not old enough to understand how to prepare a tax return, then it becomes your responsibility to file it for him or to include his income on your return. If you do prepare the return, you can also sign it for him if he is unable to do so himself. However, you must include your own signature and a notation that you are signing for the child as the parent or guardian. Signing your child’s return also allows you to discuss it with the IRS in the event it has questions later on.

References:
IRS Publication 929-Tax Rules for Children