Teenagers and taxes: what tax form should my teenager fill out?

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If your teen had income in 2021, you may be preparing to help them file their taxes in April. Whether you choose to do it yourself, use tax software, or hire a tax preparation company, it helps to know what forms your teen will need to fill out.

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Just like adults, the tax form your teen needs to fill out depends on the type of income they received in 2021.

Teens Who Worked W-2 Jobs

If your teen was an employee, meaning they filed a W-4 for their employer when they started work and had withholdings taken from their paycheck, they may need to be filing a Form 1040, US Individual Income Tax Return. In 2018, the Internal Revenue Service eliminated Form 1040-EZ, which simplified tax filings for people who don’t itemize deductions.

It’s important to remember that your teen only needs to file Form 1040 if their income exceeded the $12,550 standard deduction for 2021 or if they expect to get a tax refund because he overpaid his source deductions last year. They will need a copy of their W-2 form sent by their employer to file accurately.

Teenagers who worked gigs

The question of what tax forms to fill out can be a little more confusing for teens who have earned 1099 income and received a 1099-NEC (non-employee compensation) form. If your teen received a 1099-NEC, they must report that income on Form 1040, Schedule C. If their net self-employment income totals $400 or more, they will also have to pay self-employment tax. and complete Form 1040 Schedule SE. , according to the IRS website.

Teens and children with investment income

If your teen or child under 18 has unearned investment income, dividends, or other income totaling $2,200 or more, they may need to file IRS Form 8615. However, if the Your child or teen’s only income is from interest and dividends and is less than $11,000, you may be able to report this income on your tax return instead.

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You may want to speak with a tax advisor or an IRS-registered agent to determine what forms you need to complete for children with investments. If you have questions about the forms your teen needs to fill out based on the type of income they received, it’s a good idea to speak to a tax preparer before tax day, April 18, 2022.

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About the Author

Dawn Allcot is a full-time freelance writer and content marketer with interests in finance, e-commerce, technology, and real estate. His long list of publishing credits includes Bankrate, Lending Tree and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology and entertainment website. She lives in Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten and three lizards of different sizes and personalities – plus her two children and her husband. Find her on Twitter, @DawnAllcot.

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