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How much money does a teen need to make before he or she must file a tax return?
Thanks for asking such a great questions. There are a couple different situations to consider regarding teens and the filing of tax returns. So, it’s good to know when teens have to file.
First you need to know that the IRS has two categories of income.
If a parent or other guardian claims you as a dependent on their taxes you are considered an unmarried dependent. As an unmarried dependent you must file a tax return if your earned or unearned income exceeds federal limits. These limits are set by the IRS and change every year. So check for the tax year you are interested in.
Here’s an example: In 2010, if you were 18 and living at home and your parents still claimed you as a dependent, you would have been required to file a tax return if you met the IRS income guidelines below. However, you would not be able to claim yourself as a dependent.
In 2010 you would have had to file a tax return if your:
Even if you do not have to file based on the above requirements, you should file a return under these circumstances:
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