Personal Finance & Money Asked on June 12, 2021
I’m 18, I have a part-time job as a student helper at my university. I get paid 10 dollars an hour, but I work like 2-3 hours a week. So overall in the semester it’s gonna come to a total of 500 USD give or take a few 10s dollars. Semester ends at the start of May and then my jobs over. Do I need to file taxes for this income?
Information from the comments:
Because you have no income in 2020 and because you are a dependent on your parent’s return, you likely have no reason to file a 2020 return. The 2020 COVID stimulus payment/Recovery Rebate tax credit is not given to dependents.
For 2021, if you will only have $1000 in income, you likely will not be required to file. (See the latest version of the Form 1040 instructions for the filing requirements, which may or may not be the same for 2021 as they are now.)
However, even if you are not required to file, if you had any federal or state income tax taken out of your paycheck, it may be to your advantage to file anyway, since with your low income you would likely get most of it back as a refund.
It is too early to know what the rules will be for any future stimulus/tax credit, but it is possible that you would be eligible for a refundable tax credit, which would be another reason to file a return.
Correct answer by Ben Miller - Remember Monica on June 12, 2021
No - but if you file, you could get the COVID stimulus payments (unless you got them already). Well worth the effort.
Answered by Aganju on June 12, 2021
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