 No federal withholding from check? |
| when i filled out my w-4 form when i first started working i answered all those questions like single so i entered one and it all added up to 6 total so therefore no federal was taken out of my pay. ... |
|
 What would happen if everyone in the U.S. stopped paying income tax? |
| What if every working person in the U.S. realized that income tax is unconstitutional, and according to the IRS it really is voluntary? Of course, this will never happen because people are used to ... |
|
 What should I do if was illegally claimed on someone's taxes? |
| I tried to e-file my taxes, but the IRS rejected my return because my mother already filed her taxes and she claimed me. The help center at turbotax first told me that I would have to file by mail, ... |
|
 SELF EMPLOYED building worker ,would i be entitled to any unemployment benefits? |
| BEING SELF EMPLOYED IS IT WORTH IT?PAYING TAX AND VAT BUT IF THINGS WERE SLACK FOR A WHILE WHAT WOULD I BE ENTITLED TO IF I WERE TO LOOK FOR UNEMPLOYMENT BENEFITS,SPOKE TO CITIZENS ADVICE BUREAU AND I... |
|
 10 percent to God? |
| Okay, when we give 10 percent to God from our earnings/income, are we giving 10% pre-tax or after taxes? I just want to be right with God, LOL, dont want to short change the main man!... |
|
 Can I claim my girlfirend as a dependent? |
| She has lived with me for the whole year. I carry insurance for her as a domestic partner. I provide most of her support. She has earned approximately 8000 this year on her own. Thanks for your ... |
|
 I heard that there is no law that states that we have to pay a federal income tax. Is this true? |
| I was watching a video that was talking about 9/11 and at one point there was a couple of former IRS workers that said that there is no law that says that we have to pay an income tax. They said that ... |
|
 How many exemptions should I claim on my W-4? |
| I'm unmarried with a newborn. I have daycare expenses and qualify for the child care credit. I work full time, but was on unemployment where no taxes were taken out of my paycheck for 5 months.... |
|
 Is a car accident settlement reported as income? |
| I am getting a setllement from a car accident. Is that taxable or considered regular income? Friends have been telling me it isn't but I am not not sure. It is not a large amount and is under ... |
|
 Who has received their IRS Stimulus payment via direct deposit? |
| According to the IRS website, anyone who filed their taxes and recieved a refund via direct deposit should have received thier stimulus payment the same way - through direct deposit - no later than ... |
|
 How do you report someone running a business that isn't registered as a business.? |
| I know someone that is actually running a business from their home and making pretty good money, but not paying any taxes and is not a registered business. How can this be reported without giving a ... |
|
 Should I tell the IRS they made a mistake in my favor? |
| After 3 grueling days of my audit interegation, I recieved a letter that stated that their conclusuion was that I was owed $1,456,839,124. 23. Should I tell them that, while I make a nice living, I ... |
|
|  |
NCMOMMAAC | Do I have to file taxes for my 2 year old? |
I feel really dumb to ask this, but I got a 1099-INT from the bank for him. He has a 90-Day add on certificate worth about $2500 right now and he earned $42 in interest last year. Do I have to file for him? |
 |
 
Judy1
|
It's not dumb - you can see by the variety of answers that you got that it's not something everyone knows. People who don't know, of course, should not be answering tax questions here, but that's a separate issue.
With income of $42, no, you don't have to do anything with it. If his investment income was over $1700, you might have to do some computing, and he might have to file something or else you'd include it on your return. If it was over $850, he'd either have to file or you'd have to include it. But at $42, if that's his total income, no reporting or filing is needed. |
|
Ian
|
If you are claiming your child as a dependent and he only has unearned income (e.g. interest, dividends, etc.), then you only need to file a return if the amount is greater than $850. See IRS Publication 929 for more information:
http://www.irs.gov/publications/p929/ar02.html#d0e402
If taxes were withheld from his unearned income, you should file a return to get a refund. |
|
Notorious
|
NO. The amount is not consequential. The bank must issue a 1099. They have no way of knowing what other earned income, your child has and could possibly need to file a tax return. Under the circumstances, the 1099 was issued but you DON'T have to file if that is the only income under the child's name and social security number.
I am sure that you are aware that there are children of even age 2 or less who have substantial income credited to them. That happens with the awesome rich who from the date of birth establish substantial trust funds for their kids. |
|
STEVEN F
 |
Judy appears to have the best answer so far. The link below is the IRS Publication that led me to that conclusion. |
|
Cerebal
|
No |
|
Watchman
|
Just add it to your interest income. You're probably a co-account holder for his bank account. |
|
Laissez-Faire Guy
 |
Don't bother.
Any income earned under a certain amount does not require a return. I don't know what the limit is, but it's in the thousands. |
|
Brian The Librarian
 |
Nah...unless he/she made a ton of money last year... |
|
jseah114
|
Yes, your 2 year old has to file. Since you are claiming him as a dependent, and the interest is unearned income, it is taxable to him and there will be no standard deduction or personal exemption to offset it. Also, since he is under 14, he will be taxed on that $42 at your marginal rate. So if your tax bracket is 28%, his federal tax on that $42 will be $12.
You can however, elect to report his interest income on your return and you will be taxed on it. You will need to prepare Form 8814 for this. |
|
goheels
|
I'd certainly check with a qualified cpa, but if he earned income, yes, you have to file a tax statement for him as well. |
|
Sherri M
 |
Just do it! He may get a refund! www.irs.gov has many answers. |
|
DJoES
|
yes |
|
robert s
|
Not yet, Hillary is not yet President. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
13 | 7 minutes(s) ago
| | | |
13 | 44 minutes(s) ago
| | | |
12 | 45 minutes(s) ago
| | | |
11 | 47 minutes(s) ago
| | | |
12 | 3 hour(s) ago
| | | |
12 | 7 hour(s) ago
| | | |
12 | 10 hour(s) ago
| | | |
12 | 1 day(s) ago
| | | |
12 | 3 day(s) ago
| | | |
12 | 6 day(s) ago
| |
|
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
