The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Children with wages||Date: 3/16/2013 2:02 PM|
|Author: irasmilo||Number: 118066 of 124467|
I have two 15 year old children that entered the work force last year.
They received W-2 wage summaries for 2012:
One earned $222.93
The other earned $1580
a small amount of federal tax was withheld from each.
I'm thinking of filling out the 1040EZ tax return for each of them.
Is this the correct approach? (seems too easy)
Also, will these wages impact me and my wifes joint return?
I know that they will eventually become too old for me to claim, just not sure how their wages might factor in on my return.
Yes, if you want to recover the withheld tax for them, they will file a 1040EZ. This doesn't affect your tax return as long as you remember to NOT claim a personal exemption on the 1040EZ returns. The children's exemptions are claimed on your return.
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|