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Kids and Tax Returns

February 05, 2016

by Kerry and David Pickett, EA

kid.jpg#asset:38:urlThe “apples of your eye” have gotten an after school/during college/ summer job. Wooo Hoo!! It’s a great way to start on the road of responsibility. When this occurs two things may well happen. First of all you will have to listen to them wonder in annoyance who FICA and Medicare are, and why are they taking their money? Then they notice; what’s this?? Federal tax, State tax and maybe school district taxes out too??!! You may consider this a logical segue into the trials and tribulations of being an adult in an attempt to garner sympathy or you may just smile knowingly, your choice. However this would be an excellent time to talk to your kids about their tax return. If you are met with a “deer in the headlights” look you may just want to emphasize that they are NOT TO FILE THEIR TAX RETURN WITHOUT YOUR KNOWLEDGE. I emphasized this for good reason. As a professional tax office we usually have a few cases a year where Jr. has filed his own tax return either for free online or had a well-meaning friend do it for him. Often times they neglect to check a box that asks “if they can be claimed as a dependent by another”. This may cause their parents/or guardians to lose significant tax deductions for this dependent.

Good News Corner: Lower income people can have their taxes prepared for FREE! Call 211 for information on the Orrville VITA site.

This information is intended for informational purposes only and is not intended to be a substitute for specific tax advice.

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