Goffstown, NH Resident Has Concerns
As long as your child doesn’t earn more than the standard deduction, $14,600 for the 2024 tax year, they will not be required to file a separate tax return. If your teen earns under $1,150, this is tax-free income. Anything above this will be subjected to taxes. Income earned by your child that is over $2,300 will be subject to the parent’s tax rate. This could mean that a larger amount is taken for taxes. As long as your working teenager is still a minor, relies on you for more than half of their financial support, and lives with you for at least half of the year, you can continue to claim them on your taxes for a dependent deduction.