Submitted By: Terry
Answered: December 2, 2016 1:57 pm

Does a minor (age 14) have to pay income tax on earnings?

Dependents must file a tax return and pay taxes if income exceeds set limits. For 2016, a single dependent under age 65 who is not blind must file a return if any of the following applies:

  • Unearned income was over $1,050
  • Earned income was over $6,300
  • Gross income was more than the larger of (1) $1,050, or (2) earned income (up to $5,950) plus $350

Whether taxes are owed depends on the nature and amount of the income.

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Tax Glossary

Capital expenses

Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.

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