IRS 1040 and Dependents Question
Q.I am planning to start a small e-business from my home. However, I am still a dependent of my parent. According to Page 16 of the IRS 1040 I need to file a return only if - My earned income is over $4300 - My unearned income is over $700 I can remain a dependent as long as I am a student and under the age of 24. Am I correct? I read the form over and over and that's how I interpreted. Please help me out so I can make sure of this. Thank you.
A.One addition, one clarification. Since you're going to be self-employed, you must file if you have $400 in net income from self-employment, regardless of any other issues. The clarification. For full-time students under 24, the gross income test for dependency is waived. Thus, your parents can continue to claim your exemption as long as they support you, regardless of your income. Of course, if you're starting the next Yahoo in your bedroom, you might end up supporting them Yes on the dependent question. However, you also have to file if your self-employment income exceeds $433.13.
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