tom is 16 years old, a high school student, and lives with his parents. he earned $5,200 at his part - time…

tom is 16 years old, a high school student, and lives with his parents. he earned $5,200 at his part - time job. can tom be claimed as a dependent? is tom legally required to file a tax return? if not, should tom file a tax return?

tom is 16 years old, a high school student, and lives with his parents. he earned $5,200 at his part - time job. can tom be claimed as a dependent? is tom legally required to file a tax return? if not, should tom file a tax return?

Answer

Brief Explanations:

For the first question, since Tim is 16, a high - school student and lives with parents, he can likely be claimed as a dependent as he meets the age and relationship tests for a qualifying child. For the second question, in the US, if a single dependent's earned income is more than $6,350 (for 2020), they are required to file a tax return. Since Tim earned $5,200, he is not legally required to file. For the third question, Tim may want to file a tax return to get a refund of any withheld taxes.

Answer:

  1. Yes
  2. No
  3. It may be beneficial to file for a tax refund if taxes were withheld.