Does your kid need a CPA?
This short video made me laugh, but then again I have an accountant’s sense of humor. Carol Topp, CPA
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16 and 17 year olds just started jobs
My son is 17 and my daughter is 16. They both have just started jobs. my question to u is do they need to do their w2 different, if I’m claiming them as a dependent on my taxes? If they don’t file...
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Teaching teenagers about taxes in plain English
Dear Ms. Topp, I’m a high school ESL (English as a Second Language) teacher and my students want to know more about taxes. While researching I came across your website, and I wondered if you had any...
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Do I add my son’s babysitting income to mine?
Photo credit: http://playfightrepeat.com My son babysat and made $4100. I see he does not have to pay taxes on it. He is 15. Since I claim him, do I have to pay taxes on his income? Krystal Dear...
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Here’s the ONLY time you add your teenager’s income to your tax return
I get a lot of questions and comments from parents all asking (or assuming) they should add their teenagers income to their tax return. DO NOT ADD YOUR TEENAGER’S INCOME TO YOUR TAX RETURN! Here’s the...
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Receive a 1099MISC? How the IRS will tax you.
My 19 year old son received a 1099 misc income and Box 7 is filled (non employee compensation $1649.28) and taxes were not withheld. Can I file this on my income tax since I still claim my son? He is...
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How to determine if your teenager is your dependent
I get asked a lot of questions about whether a teenager earning money can still be a dependent of their parents. Here’s the good news: A teenager can earn a LOT of money and still be a dependent on...
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Can an unemployed parent still claim teenagers as dependents?
I collected unemployment all year. Does that mean I am not eligible for EIC (Earned Income Credit) for my 2 teenage dependents? If this is true, can I allow my 22yr old daughter to claim her sisters...
View ArticleNo W-2 from employer for babysitter
Hello Carol, Last year I earned over $7500 in cash by babysitting my neighbor’s child. I am 19 years old and my parents do not claim me on their tax return. Do I have to file income taxes even If I did...
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What’s a full-time student?
My son is 18 and has earned around $3,500 for the year. He lives at home with me and has all year and will not be starting collage until next year. I support him fully except for the small amount he...
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For being generous, I get a 2 star review on Amazon?
My ebook Teens and Taxes recently received a two-star review on Amazon. Here’s what the reviewer, Gary Marble, said: This is a very short booklet, offering little detail. It does have some helpful...
View ArticleNew tax thresholds for 2013
Not a lot changed in the US tax code for teenagers for 2013, except a few thresholds: Income tax is paid on earned income greater than $6,100 in 2013 (up from $5,950 on 2012) Income tax is due on...
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5 more times a teenager needs to file a tax return
Should your teenager file a tax return? I shared the 5 times you may need to prepare a tax return for your teenager. Here are five more times your teenager needs to file a tax return: Your teenager...
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Summer job brought a 1099MISC. What should a teenager do about taxes?
My son worked a summer job & made $650. He got a 1099-MISC form. What do I do? I hate reading things like this because I have bad news. Your son owes some taxes. He’s been treated like a...
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The ONLY time to add your teenager’s income to your tax return
Parents frequently ask (or assume) they should add their teenagers income to their tax return. DO NOT ADD YOUR TEENAGER’S INCOME TO YOUR TAX RETURN! Here’s the ONLY time you add your child’s income...
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Can a part-time student be a dependent?
Hi, I have been wracking my brains trying to figure out if I can claim my 22 year old part time college student as a dependent. He did work and make about $10,100 with two part time jobs. The reason I...
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How to know if your teenager is your dependent
I get asked a lot, “Can a teenager earning money can still be a dependent of his or her parents?” Here’s the good news: Teenagers can earn a LOT of money and still be a dependent on their parents’...
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Podcast: Teens and Taxes
I have a twice monthly podcast called Dollars and Sense. On my most recent podcast I discuss teenagers and taxes. Listen here I explain: that a teenager can earn a lot of money and still be a...
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“Does my son owe taxes?” Quick questions have long replies!
My son is 18 and a full time student. He also worked and made less that $6100. In 2013 Does he still need to file taxes. -Oscar Oscar, Thanks for contacting me, but I cannot answer your question...
View ArticleTax Updates for Teenagers in 2014
Not a lot changed in the US tax code for teenagers for 2014, except a few thresholds: Income tax is paid on earned income greater than $6,200 in 2014 (up from $6,100 in 2013) Income tax is due on...
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