How to File Your Taxes with a Minor
Introduction: What are your tax obligations as a minor?
As a minor, you are not obligated to file taxes. However, if you have earned any income, it is important to know that you might be required to file taxes.
There are two ways in which minors can pay taxes: 1) If the minor has had more than $1,500 in gross income and 2) If the minor has had more than $100 of unearned income. The first way requires a W-4 form and the second way requires an IRS Form 1040NR or 1040NR-EZ.
What is the minimum filing requirement for minors?
The requirement for filing income tax is different for minors. If a minor has earned income, then he or she needs to file their own income tax return.
If a minor does not have any earned income, but has unearned income (such as interest and dividends), then the parent or guardian needs to file an income tax return on behalf of the minor.
If a minor does not have either earned or unearned income, then the parents or guardians do not need to file an income tax return on behalf of the minor.
What are the types of income that must be reported by a minor?
A 1099-MISC form is a tax form used by independent contractors to report miscellaneous income. It is also used by businesses to report payments made in the course of business, such as rent and royalties, to someone who is not an employee.
The IRS requires that self-employed minors use the 1099-MISC form for all miscellaneous payments greater than $600. This includes payments for services rendered as an independent contractor or for rents and royalties received from a business.
If you are a minor who has earned more than $600 in gross income during the year, you will need to file a tax return with your parents’ help and use this form.
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