Taxes For Teenagers! | Do You Need To File A Tax Return?

Hello everyone and welcome back to another video! This weeks video won't be the most entertaining thing you every watch but it is important and I applaud all of you for watching!

As a teenager, filing your taxes isn't something you think about or want to think about. Heck, even I didn't start thinking about it until that long ago. But I remember being very confused and not knowing where to start when I decided to start educating myself on taxes. Therefore, I created this video for you hoping that learning about taxes for teens will be a much easier process.

In the video I cover some main points that you need to understand. First I talk about what a dependent is and why it is important to know if you are a dependent or not. After that I go into three different filing statuses, earned income only, unearned income only, and earned & unearned income. I explain each of these and give examples to help you understand. Finally I go over some special situations that may or may not apply to you.

Enjoy!

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Hello everyone. And welcome back in today's video. We're going to be talking about Texas more specifically. We're going to be talking about taxes for teenagers. No, this isn't going to be the most entertaining video you ever watched, but it definitely is important. And I applaud all of you for watching.

Also, I want to remind you guys that I am just some random kid on the internet. I am not a professional. I'm just passing along the information I have researched and received for my own personal use. And I'm passing that along to you. So after watching this video, and if you find out you might need to file your taxes, you're going to want to talk with your parents or a financial expert.

Okay. Now, with that out of the way, let's get right into it here. So the first thing we're going to answer when it comes to taxes and especially today, For teenagers is what is a dependent. So let's step in your parents' shoes. For example, if they're filing their taxes, they can label you their child or another family member as a deduction.

This can allow them to reduce their taxable income. Chances are for most of you, your parents will have you as dependence on their taxes. But if you're not sure you can just ask now that is important because in the rest of this video, I'm going to be talking about taxes for teens that are labeled as a dependent on their parents' tax.

Okay. So now we're going to go into our first section here, which is earned income. So if you're a teenager and you're working a part-time job during the summer, that is earned income. And if you don't invest at all or something like that, getting a return from your investments may be in the stock market.

If you don't have any of that, then chances are, you only have earned income from a job. So if you don't have any investments and you only have earned income, then this would apply to you. And the minimum amount for earned income is $12,400. So if with your part-time job, you make $12,300, then you don't have to file a tax.

But if you make $12,400 or more than that, then you do. So I'm going to read this example for you guys that I will throw up on the screen. William is 16. His mother claims him as a dependent on her income tax return. He worked part-time on weekends during the school year and full-time during the summer here in $12,500 in wages, he did not have any unearned income.

[CrackedTop]

Thank you. I am a teen who is starting a freelancing business for video editing but I am still learning about taxes

[BalarajMenon]

Thanks! Very informative for my teen's understanding of taxes!

[AlexGiaimo]

Thanks I’m 15 and am getting a job later this year, so I will need this knowledge.

[Bulkin]

I had to file my sales tax for this month today, didn't really know what to do, logged on and saw it was due tomorrow and freaked out, had to do a bunch of searches and eventually just slowly went thru and looked stuff up

[RicosRixo]

im under 18 and i didnt know thi sthought taxes start once u are 18 thnask fro this tho preciate it

[MarvontaeEvans]

I’m shit just came wtf imma do Ian kno shit😭😭

[evelynparra]

Hey I have a question if I’m still a depend of my parents and I file my taxes how do I show in my taxes that I’m a dependent? Like does it only ask me if I’m a dependent of a parents and the irs figures it out? Or dose it also ask me to put my parents info too?

[jelsiaganga]

Thank you so much, excellent video!!! Really helped

[idkwhotfiam]

So what if I make over 10k every month as idk 17 years old. And my investment is like 2k for product and 500€ for ads. Do I have to do taxes?

[NunyaSZN]

here government since you must have a children’s money!

[javierramos]

Big difference W-4 and W-2, good try.