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Worried about filing taxes!

Discussion in 'BlackHat Lounge' started by Designerdude13, Feb 2, 2012.

  1. Designerdude13

    Designerdude13 Power Member

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    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 :)
     
  2. LBrown

    LBrown Senior Member

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    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.
     
  3. BHopkins

    BHopkins Moderator Staff Member Moderator Jr. VIP

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    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.
     
  4. wrangler

    wrangler Regular Member

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    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.
     
  5. Designerdude13

    Designerdude13 Power Member

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    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.
     
  6. Gwendoleea

    Gwendoleea Junior Member

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    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.
     
  7. volund

    volund Senior Member

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    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.