Teen Financial Toolkit - Taxes

By Avery Mills | Mar 1, 2019 7:03:00 AM

Teen Financial Toolkit - TaxesFiling taxes for the first time can be a confusing and overwhelming experience. Here are the answers to a few common questions when it comes to filing taxes as a teenager.

DO I NEED TO FILE?

First, find out if you even need to file at all. For example, if you are under the age of 65, single, and make less than a specific amount per year, you don’t need to file taxes. Check the IRS website for the latest details regarding these guidelines.

AM I BEING CLAIMED AS A DEPENDENT?

If you are being claimed as a dependent by a parent or guardian, you cannot file your own tax return. In order to be claimed as a dependent, you must be 19 years old or younger (24 if you are a full-time student) and whoever is claiming you must provide more than half of your financial support.

 HOW DO I FILE?

Gather all important documents that you will need for the filing process. This includes your social security number, W-2 forms for all jobs you had during the previous calendar year, and a 1099 or W9 form (if you have one).Once you've gathered all of these,  you can begin filing. There's three main ways to complete this process: pen and paper, tax software, or hiring an accountant. Since your deductions are likely to be fairly simple at this life stage, the easiest way to file will most likely be using tax software.

DISCLAIMER: This article is intended to be a helpful guide. If you have specific questions or concerns regarding your financial situation, please reach out to an accountant or other financial advisor.

Topics: TFT, Teen Financial Toolkit

Author: Avery Mills