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Under 18 Tax?

Discussion in 'Business & Tax Advice' started by TheUploader, Jan 1, 2010.

  1. TheUploader

    TheUploader Registered Member

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    If you are under 18 and you have made money on CPA networks that require you to put in SSN for tax, can you put yours in or does it have to be your parents?
     
  2. yamahafzr

    yamahafzr Regular Member Premium Member

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    You can do your own taxes. Thanks for the reminder...
     
  3. TheUploader

    TheUploader Registered Member

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    If I am under my parents beneficiary how does that work?
     
  4. nipit007

    nipit007 Junior Member

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    Pretty sure it has to be in yours...AND since your parents still claim you as a deduction on their taxes it will make your tax owed even higher...This is not written in stone..Check with your tax advisorer.
     
  5. sebamann1

    sebamann1 Junior Member

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    you can file taxes.

    as a matter of fact, warren buffet first filed taxes when he was 13. google it, I swear.
    I'm so happy I don't live in the US :p
     
  6. cagefighter

    cagefighter Junior Member

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    You can start to work after the age of 14 and you will do your own taxes.

    My son is 15 and has a job the money he earns he pays his own taxes i dont pay his taxes from his job.
     
  7. yamahafzr

    yamahafzr Regular Member Premium Member

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    i did when i was 14... lol
     
  8. Limelike

    Limelike Junior Member

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    In the US you have to file your own tax ive heard from my family over their ,

    Im gratefull that i live in the Uk :D Tax Free Untill I start Earning More Than 14K and im Over 16 :p
     
  9. GreenHustler

    GreenHustler Junior Member

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    In the UK, you have to pay tax at any age if you earn over the allocated personal allowance of £6,475.
     
  10. dvishnu

    dvishnu Junior Member

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    I am paying tax from 12. I am not from US.. from India.. No ssn and all..

    Just i was willing to pay tax when i started earning at 12 :) And now 15 :p
     
  11. davidson

    davidson Registered Member

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    Uploader,

    Here's what you need to know for US tax purposes. (I am a California Registered Tax Preparer and I teach online tax education courses.)

    You need to provide your own SSN as the money was earned by you. Your parents will file a tax return listing you as a dependent. They will claim your deduction. They will not report any income you earned during the year.

    If you earned more that $5,700 (I am assuming you are not married), you will complete your own tax return. Since your parents claimed your deduction, you will not be allowed to claim your own exemption amount.

    Your standard deduction is the larger of $950 or your earned income plus $300 (up to $5,700).

    (If you had unearned income, such as interest from a bank account, your situation may be different.) Generally speaking, since I don't know your specific details, if your gross income for the year was more than $950 or if you had any federal income tax withheld, see a tax professional for advice.

    Everything you need to know about filing your own tax return is contained in IRS Publication 929 available here:

    Code:
    http://www.irs.gov/pub/irs-pdf/p929.pdf
    It also includes examples for figuring out if you need to file a tax return and calculating your standard deduction.

    If you don't want to do it yourself, see a tax professional. Sometimes a child's parent's tax person will do the child's return at the same time for a nominal fee.

    Hope that helps a little. There's some legalese in there, but when you deal with the IRS it's never simple.

    Let me know if you have questions.