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Income Taxes for Children

Do you need to file a tax return for your child?

Our two cents

Two Cents icon

Our two cents

For older children, using a tax software program might actually be fun. The icons, graphs, and other visual aids make them simple to use, helping kids visualize where their money is going.

If you're a parent, your child's taxable income is inherently linked to yours. In some cases, you may be able to include their income on your tax return. In other cases, they'll have to file their own tax return or you will have to file a separate return on their behalf. Depending on the level of your income, including their income on your tax return may result in higher income tax than if you prepare a separate return for your child.

Whether your child needs to file a tax return depends on a number of factors, including their age and the type of income that is being reported.

Earned and unearned income for a child

In general, your child must file a return if:

  1. His or her unearned income (such as investment income from dividends or interest) was more than $1,250 for 2023.
  2. His or her earned income (income from employment) was more than the standard deduction of $13,850 for 2023 and $14,600 for 2024.
  3. He or she has net earnings from tips or self-employment that total $400 or more.

See IRS Publication 8814 and IRS Publication 8615 or your tax advisor for more information.

Age requirements

The above income amounts apply to any child who:

  • Is age 18 or under on December 31 and whose earned income does not exceed half the annual expenses for the child's support, or
     
  • Is a full-time student over 18 and under 24 on December 31 and whose earned income does not exceed half the annual expenses for the child's support.

What about a refund?

Even if your child isn't required to file a tax return, he or she should consider doing so if he or she is owed a refund.

This information provided on this website is for educational purposes, and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

The Charles Schwab Foundation is a 501(c)(3) nonprofit, private foundation that is not part of Charles Schwab & Co., Inc. or its parent company, The Charles Schwab Corporation.

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This information on this website is for educational purposes only, and is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, you should consult with a qualified tax advisor, CPA, Financial Planner, or Investment Manager.

Charles Schwab Foundation is a 501(c)(3) nonprofit, private foundation funded by The Charles Schwab Corporation. It is not part of Charles Schwab & Co., Inc. or its parent company, The Charles Schwab Corporation.

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