Everyone who has federal or state tax withheld from their income (Form W-2, box 2 and 17) should at least fill out a return to see if they are owed a refund. If so, they should file to get their money back.
Since most children who are students are their parent's dependent (claimed as a dependent on their parent's tax return), I'm going with that assumption.
All dependents have the same filing requirements, whether a student or not. If a student makes less than the federal standard deduction, they generally don't have to file unless they want a refund of federal or state taxes withheld from their pay. The federal standard deduction for a single person changes every year and is $5,800 for 2011. There may also be a requirement to file if the dependent has a significant amount of investment income (over $950). See IRS Form 1040 instructions for filing requirements for children and other dependents for more details.
Remember that your state may have different filing requirements, so a person may be required to file a state return even though they aren't required to file a federal return.
If you are 21 you have to file taxes
Federal $ 5000.00 unless they have more than $800.00 in interest, but if taxes are withheld you may want to file to get a refund. States vary.
No. A child cannot be held responsible for the actions of their parents.Exception to the rule: If the children are heirs of an estate (both parents are deceased) and taxes are outstanding, then the taxes must be paid out of the estate proceeds before the child(ren) could be awarded the residuals.
before April 15
They can but would not benifit them. They would owe tax.
If you are 21 you have to file taxes
If your baby is not born on or before Dec. 31, 2007 then you cannot file your child on your 2007 taxes. If your baby is born on Jan. 1, 2008 then you can claim your child on your 2008 taxes that you file in April 2009
Federal $ 5000.00 unless they have more than $800.00 in interest, but if taxes are withheld you may want to file to get a refund. States vary.
No.
Not normally. They can however file a non wage garn and get your taxes when you deposit them into your checking or savings account. Usually only, government and state can withhold your taxes...i.e. back taxes, child support, student loans etc...
No. A child cannot be held responsible for the actions of their parents.Exception to the rule: If the children are heirs of an estate (both parents are deceased) and taxes are outstanding, then the taxes must be paid out of the estate proceeds before the child(ren) could be awarded the residuals.
Yes it is possible that as a full time student you would be required to file a 1040 federal income tax return
before April 15
If you have the child 51% of the time. see my profile
Yes. And it will almost certainly be to your advantage
You can but as soon as your parents file their taxes you will have to amend your FAFSA application and it may alter the amount for which you are eligible in student financial aid.
They can but would not benifit them. They would owe tax.