Tax Preparation- high school student questions

[Cindy B]

My son (17) has been working part time for almost a year.

He still lives at home. He will turn 18 in a few weeks.

He goes to high school as well as a part time college student. We pay the tuition.

What is the best way to prepare his taxes? I'm a little confues

 

[Sadie22]

Only the one who actually pays the tuition can claim any sort of tuition credit or deduction. It sounds like your son is your dependent as well.

If your son is required to file, you or he can probably do his taxes online.

 

[Cindy B]

I need to know what the income requirement for filing is.

He thinks he will make about $2,000 part time by year end.

 

[disneychrista]

A tip from my accounting professor (many moons ago) - even if you are not required to file, you should do so. If you never file, then the 7 year tax audit clock never begins, and you can be audited 20 years from now.

 

[Darcy03231]

OP I have teens/young adults that work part time and are in college fulltime.

Your son will need to file a tax return. I believe he has to have made less than $800 to not file one. Most likely it will be the 1040EZ form. You can do it on-line very easily.

Since he is still your dependent, make sure you check the box that says something like he's being claimed on someone else's return.


If you still claim him as a dependent, you can claim the tuition.

 

[pklein09]

If he had taxes withheld, I would file. He is still a dependent and you will claim him on your taxes, but he will still get the standard deduction (you will get his exemption). The standard deduction will probably wipe out most if not all of his income. Any taxes he paid in will probably be refunded. It may not be much, but he's entitled to it.

As for where to file, you can find free efiles on the internet. For you son, he will use a 1040 EZ which is easily filled out on paper.

 

[Cheshire Figment]

1. He will need to file a Form 1040-EZ.

2. He will be eligible for a modified Standard Deduction, but will not be eligible for the Personal Exemption.

3. I would suggest going to www.irs.gov and print a copy of the 2011 Form 1040-EZ and the Instructions. Look at a current pay stub of his, which should have year-to-date figures on it and estimate what he will get for the remainder of the year. Then work with last year's form to get an estimate. His actual numbers will be different, as well as some of the rates but it should give you a good idea.

Mike (CPA Retired)

 

[amcnj]

As posted above previously, you will still claim him as a dependent, and with only $2000 in income he will not owe any taxes. However, if his earnings required his employer to withhold any federal or state income taxes, he can file and get that withheld income tax money back.

 

[MrsPete]

He should file a 1040 EZ form. As the name implies, it is EASY. A high schooler with a 4-function calculator should be able to complete this task in about 10 minutes.

Exactly how to do it:

Wait 'til the end of January when his employer provides him with a W2 form.
Obtain a 1040 EZ form either from the post office or the internet.
Read and follow the instructions.
Mail the form to the address on the form.