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What is the maximum income a dependent can make before they have to file as an independent?
Wiki User
∙ 15y ago
I don't believe there is any minimum or maximum...but he loses the opportuninty to have himself as a deduction,,,and of course if they are young, you can have kiddie tax conswquences.
Wiki User
∙ 15y ago
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What is the maximum income in Illinois for a w-2 employee can make before its required to report it to IRS?
If any income tax was withheld you may want to file your 1040 Federal income tax return to get a refund of some of the over held federal income taxes if you do not have any federal income tax liability. If a single taxpayer and NOT a dependent on another individuals income tax return for the year 2009 you could have up to 9350 of gross worldwide income from all sources before you would be required to file a federal 1040 income tax return.
Does a 17 year old file a tax return?
Generally, they are claimed as a dependent and included with their parents. However, if that isn't the case, and they made income, they would need and want to. See the q; How much income do you have to earn before you file income tax
Do you have to claim income a dependent made?
Not on your income tax return. But the dependent may want to file the dependents own income tax return claiming the dependents income on it.The dependent cannot claim the dependent own exemption on the dependent own income tax return and will have to make sure that the dependent indicates on the dependent income tax return that the dependent is eligible to be claimed as a dependent on another taxpayers income tax return.Go to www.irs.gov and use the search box for Publication 17 (2009), Your Federal Income Tax for Individualshttp://www.irs.gov/publications/p17/index.htmlGo to chapter 3 Exemption thenYour Own ExemptionYou can take one exemption for yourself unless you can be claimed as a dependent by another taxpayer. If another taxpayer is entitled to claim you as a dependent, you cannot take an exemption for yourself even if the other taxpayer does not actually claim you as a dependent.Then Exemptions for DependentsDependent not allowed a personal exemption. If you can claim an exemption for your dependent, the dependent cannot claim his or her own personal exemption on his or her own tax return. This is true even if you do not claim the dependent's exemption on your return or if the exemption will be reduced under the phaseout rule described under Phaseout of Exemptions, later.I believe the above is only partly correct as to what your really asking.For example, if you have a child that has income (by employment, by inherritance, etc), even though you may list them as a dependent, that persons income is TAXABLE at your rate. (In other words, because the adult has reasonable income and pays tax at say 25%, if he shifts income to, or his child has income of an amount that presumably would be taxed much less (tax on 10K annually being virtually 0 %), essentially that income must be included as yours to get taxed at the higher rate.See the many publications on "Kiddie Tax".
If you give a gift of 12000 for tuition to a nondependent can you take the 12000 off of your gross income BEFORE you calculate your income taxes?
No...not deductible..if a dependent or not. It's a gift....as such, much morte than that and YOU could owe gift tax.
Who is considered a dependent for income tax?
Whoever satisfies the criteria listed in the income tax instruction booklet.
What is the minimum income needed to claim a dependent?
Isn't any minimum or maximum.
Independent variable examples?
They are the variables that you think predict some outcome (which is considered the dependent variable). So you might have a theory that gender and age predicts personal income. Gender and age are the independent variables, and income is the dependent. The choice of whether a variable is independent or dependent often is driven by the question you're trying to answer. So in many cases it's possible that the same variable could be an independent variable in one analysis, but a dependent variable in a different analysis. For example, while income was the dependent variable in the earlier example, if you were trying to predict whether a child goes to college, the parents' income might be an important independent variable in that case.
What is the maximum income an adult child can earn and still be taken as a dependent on a federal income tax return?
For 2007, the child cannot have gross income of over $3,400.
How old do you have to be to get a loan for college on your own in Missouri?
If you are still living at home while in college your parents income will be counted, so you have to be totally independent and NOT claimed on your parents taxes as a dependent. So, it isn't dependent on age, but income.
How much can a dependent earn before no longer being claimed as a dependent?
Generally if the dependent has gross income of $3,950 or more for 2014, they cannot be claimed as a dependent.
When applying for a student loan are you an independent since your grandmother claimed you on taxes?
If you were claimed by your grandmother on her income taxes that would classify you as a dependent.
Apply as an Independent?
Some students will find that it is in their best interest to apply as an independent on the federal pell grant application. If a student applies as a dependent, then a school may automatically reject his or her application for the high income of a set of parents. Independent students usually have a low income and can qualify for pell grants.
Neutrality of money-hypothesis that the level of real national income is dependent on the level of money stock-economics?
False. The right answer is ,... the real national income is independent of the level of the money stock
What is the maximum income in Illinois for a w-2 employee can make before its required to report it to IRS?
If any income tax was withheld you may want to file your 1040 Federal income tax return to get a refund of some of the over held federal income taxes if you do not have any federal income tax liability. If a single taxpayer and NOT a dependent on another individuals income tax return for the year 2009 you could have up to 9350 of gross worldwide income from all sources before you would be required to file a federal 1040 income tax return.
Is there federal tax on social security income?
This depends on what your other income is besides your Social Security Income. Dependent on your filing status and other income your Social Security Income can very likely be partially taxable. Up to a maximum of 85% of your Social Security income can be taxable on your Federal Tax Return.
How much money can a collage kid make before having to claim?
If your under 23 and your parents or guardian provide more than 50% of your income than your still a dependent. Even if this criteria is meet you can still claim yourself a independent.
What if your daughter had a baby should she file taxes?
If your daughter had a baby, then that baby will count as a dependent for the purpose of her income tax, but she still has to have an income before she needs to file an income tax return.
