Worried about filing taxes!

Designerdude13 · Feb 2, 2012

Okay, so I just turned 18 and I'm in college right now. I don't file taxes, but my mother does. So if I make $600 with clickbank am I required to file taxes or do I send the 1099 form or whatever form to my mother. I just don't want the IRS after me! I haven't made a dime yet on clickbank, but I'm thinking positive

LBrown · Feb 2, 2012

If you haven't made any money then you don't need to file taxes.

Otherwise, start filing taxes in your own name. The only reason your mother would be involved is if she is willing to fill out the forms for you but you can't put your income onto her tax return. You need to start filing your own.

BHopkins · Feb 2, 2012

LBrown said:
Otherwise, start filing taxes in your own name. The only reason your mother would be involved is if she is willing to fill out the forms for you but you can't put your income onto her tax return. You need to start filing your own.

This isn't good advice. There are ways for a parent to claim an adult child and receive a tax credit. If you file your own taxes, your mother can't get the tax credit.

That's my understanding, but I'm not a CPA. Check with whoever does your moms taxes and they can give you better advice.

wrangler · Feb 2, 2012

Also, taxes aren't something to fear. Turbotax.com is your friend - cheap and easy. And you may even get a pleasant surprise at the end of your filing.

Designerdude13 · Feb 2, 2012

I guess I explained it wrong. Im used to my mother filing taxes and getting a refund back. But when I file taxes in the future for the income I hope I make with IM over $600, would I get a bill back that I would have to pay? Also she couldn't report my income that I would make if she claims me as a dependent? Because I don't want to get cut off her health care until Im out of school. That would suck.

Gwendoleea · Feb 2, 2012

Maybe you could sign up under your moms name with clickbank for the time being and then the income would go on her and not you. In a few years, you can make it your own and all will be good. Just a thought. Thats what I will probably do with my son.

volund · Feb 3, 2012

BHopkins said:
This isn't good advice. There are ways for a parent to claim an adult child and receive a tax credit. If you file your own taxes, your mother can't get the tax credit.

That's my understanding, but I'm not a CPA. Check with whoever does your moms taxes and they can give you better advice.

Pretty sure a child can file taxes for any income made and the parent can still claim them. What needs to be done is to not take the personal exemption as that can only be used on one tax return.

Now whether or not that is the best way to go in this case is unknown. Probably so with only a $600 income but until the numbers are worked it is hard to be sure.

Worried about filing taxes!

Designerdude13

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