Tax season is here and your kids may owe money to the IRS

Have you ever thought that a kid has to file his taxes?

image credits by Google

Well according to IRS, taxes know no age.

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If your kid is earning money he/she has to pay taxes.

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It is exciting for kids to earn thier own money.

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But IRS said that any money from after school job or through Roblox or YouTube or a trading account

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If they hit certain thresholds , kids have to pay taxes.

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It may be confusing and many questions come to mind : what your child's tax rate, when your kid file return

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Who is responsible for filing it, well it depends on income of your child earn.

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There are 3 types of income • Unearned • Earned • Gross

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Earned income above the standard deduction of $13,850

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Unearned income more than $1,250

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Gross income greater than larger of $1,250 or earned income plus $ 400.

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