My kids' got a 1099 from their UTMA accounts showing $1213 in dividends, $7 in interest, a short term gain of $195 and a long term loss of ($79) in their 1099-B. Do they need to file?
I'd like to open a Roth IRA for my teen to contribute an amount equal to her babysitting income (about $4.5k for 2024). I claim her as a dependent. Does she need to file a tax return for the income? Pay self-employment taxes? Thank you.
My son started working and his pay checks are full pay with nothing taken out. Uncertain if minors need to file taxes,or if there is a specific threshold? State is MA.
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