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Should you pay income tax at 17?

Updated: 9/18/2023
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Yes. Even at a younger age it is possible that you could be required to file a income tax return and pay some income tax.

A dependent on another taxpayer income tax return with unearned income interest, dividends, capital gains, rental income, taxable social security benefits, unemployment compensation, gambling winning and misc income, etc of more than 950 must file an income tax return and report all worldwide income on the 1040 tax return.

A self employed taxpayer would be required to file an income tax return if business operation had a net profit of 400 and pay the social security and Medicare taxes that would be due plus any income tax that may be due after adding the net profit to all other gross income on the 1040 tax form and the amounts would be subject to income tax at the taxpayer marginal tax rates.

The must file an income tax return requirement for the year 2009 would be in the 2009 1040 instruction book starting on page 7 through 9 and the book is available at the IRS gov web site and using the search box for 1040 and choosing instructions.

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Is rent considered ordinary income?

Yes it is taxed as ordinary income and the net rental income is reported on page 1 line 17 of the 1040 tax form. Your net rental income is added to all of your other gross worldwide income and taxed as ordinary income at your marginal tax rate on your 1040 income tax return. Your gross passive rental income and expenses are reported on the schedule E of the 1040 tax form. Nonpasive gross rental income and expenses are reported on the schedule C of the 1040 tax form. The difference is that you do not need to pay Social Security on Rental Income.


What if your son is 17 and working can you still claim him and his income on your 2009 income tax?

Yes as long he and you meet the qualifications for you claim him as your qualifying child dependent on your income tax return. He would have to file his own income tax return reporting his own income and he would not be able to claim himself for exemption amount on his own income tax return.


If you are 17 years old and make about 2000 dollars do you get a tax refund?

This could be possible if your income tax return is filed correctly and some income tax was withheld form the 2000 that you made.


Income Tax Rate in Hong Kong?

In Hong Kong, the income tax rate varies from 2% of total taxable income for the poorest people, to 17% for the more wealthy. If tax is calculated on net income (after deductibles) then a flat 15% rate is used for all.


Can you file taxes at 17 years old?

Yes you can file a federal income tax return and if you had a employer and you were an employee if any federal income tax was withheld from your gross earnings wages it is possible that you could get a refund of some or all of the FIT that was withheld. It is possible that a taxpayer can meet the MUST FILE A FEDERAL INCOME TAX RETURN at any age. If you are a dependent on an another taxpayers income tax return and unearned income of more than 950 and would be required to pay some federal income tax on the amount. Or if your are a self employed taxpayer and have a NET profit from your business operation it is possible that you would be required to file a 1040 Federal income tax return.

Related questions

What should a 17yr old claim on his W-4 for his first job?

Probably single and -0- to be sure that enough income tax is withheld from his gross pay which will mean a smaller paycheck each pay period but if the 17 year old should end up with a income tax liability when the income tax return is completed correctly the 17 year old may not owe any income tax money to the IRS and could possibly receive a refund of some of the amount that was withheld.


Is rent considered ordinary income?

Yes it is taxed as ordinary income and the net rental income is reported on page 1 line 17 of the 1040 tax form. Your net rental income is added to all of your other gross worldwide income and taxed as ordinary income at your marginal tax rate on your 1040 income tax return. Your gross passive rental income and expenses are reported on the schedule E of the 1040 tax form. Nonpasive gross rental income and expenses are reported on the schedule C of the 1040 tax form. The difference is that you do not need to pay Social Security on Rental Income.


Should a 17 old that made 363.00dollars and live at home with mom and dad file income tax?

You did not make enough income to be required to file a tax return. However, you should check your W-2's to see if your employer withheld any Federal income tax (Box 2 of your W-2). If they did, you may want to file a return just to get that money refunded because you certainly should not have to pay any taxes with that little income. If you did not have any withholding in Box 2, or its small enough that you just don't care, then filing a return is definitely not necessary.


Are there tax credits available for a 17 year old tax payer?

Not for a dependent on another taxpayers income tax return.


What if your son is 17 and working can you still claim him and his income on your 2009 income tax?

Yes as long he and you meet the qualifications for you claim him as your qualifying child dependent on your income tax return. He would have to file his own income tax return reporting his own income and he would not be able to claim himself for exemption amount on his own income tax return.


If you are 17 years old and make about 2000 dollars do you get a tax refund?

This could be possible if your income tax return is filed correctly and some income tax was withheld form the 2000 that you made.


Income Tax Rate in Hong Kong?

In Hong Kong, the income tax rate varies from 2% of total taxable income for the poorest people, to 17% for the more wealthy. If tax is calculated on net income (after deductibles) then a flat 15% rate is used for all.


Can you file taxes at 17 years old?

Yes you can file a federal income tax return and if you had a employer and you were an employee if any federal income tax was withheld from your gross earnings wages it is possible that you could get a refund of some or all of the FIT that was withheld. It is possible that a taxpayer can meet the MUST FILE A FEDERAL INCOME TAX RETURN at any age. If you are a dependent on an another taxpayers income tax return and unearned income of more than 950 and would be required to pay some federal income tax on the amount. Or if your are a self employed taxpayer and have a NET profit from your business operation it is possible that you would be required to file a 1040 Federal income tax return.


What should I claim on my W-2 for pay check tax?

Form W-2 is Wage and Tax Statement. Employers are required to provide/send W-2 forms to their employees generally by January 31st. If January 31st falls on a weekend, the deadline is extended to the next business day.Refer to your W-2 forms in filling out your federal and state income tax returns. The total amount of federal income tax withheld is listed on Line 2 Federal Income Tax Withheld of Form W-2. The total amount of state income tax withheld is listed on Line 17 State Income Tax.Copy B To Be Filed with Employee's Federal Tax Return is attached to your federal income tax return. Copy 2 To Be Filed with Employee's State, City or Local Tax Department is attached to your state income tax return. If you file your returns electronically, you keep the state and federal copies of your W-2 forms with your other tax records.


What form lists how much was paid in state local taxes?

Form W-2 is Wage and Tax Statement. It's an IRS form that employers are required to file for their employees. State income tax withheld is entered in Box 17-State Income Tax. Local income tax withheld is entered in Box 19-Local Income Tax.


What form lists how much was paid in state and local taxes?

Form W-2 is Wage and Tax Statement. It's an IRS form that employers are required to file for their employees. State income tax withheld is entered in Box 17-State Income Tax. Local income tax withheld is entered in Box 19-Local Income Tax.


Rent is income-based do you claim child support as income?

No. For income tax purposes on your federal income tax return child support is NOT TAXABLE income that you would report on your 1040 tax form. Gross rental income and expenses are reported on the schedule E of the 1040 tax form and then then the net rental income is entered on page 1 line 17 Rental real estate, etc, Attach schedule E.