Teenagers and taxes: I received a child tax credit for my student – Do they have to file a tax return?

      Comments Off on Teenagers and taxes: I received a child tax credit for my student – Do they have to file a tax return?

RaisinImages/Getty Images/iStockphoto

Are you facing tax season with a teenager in college for the first time?

See: Are working minors entitled to a tax refund?
Find out: how much can your teen earn before they have to file a tax return?

In some cases, parents received the child tax credit advance for their student. If your teen was under 17 in 2021 – for example, if they might have just started school – you could have received CTC advance payments throughout the second half of 2021. Aside, if you have a teenage student over the age of 17, you may qualify for the $500 dependent tax credit instead.

In either case, the money was deposited into your bank account by the IRS, and your student has no responsibility to file taxes because of the money. However, you will want to reconcile the amount of IRS letter 6419, which you should have received in January, with the amount of the CTC advance you received when you file your own taxes this year.

Find out: My teenager had a summer job – Does he have to file a tax return?
Learn: Does your state require your child to pay income tax?

Your student may have to file a tax return for other reasons, such as if they earned more than $12,500 or net income more than $400 as an independent contractor 1099. If your student has worked as a W-2 employee in 2021, he may want to file taxes even if the income does not exceed $12,500, in case he is owed a refund.

More from GOBankingRates:

About the Author

Dawn Allcot is a full-time freelance writer and content marketer with interests in finance, e-commerce, technology, and real estate. His long list of publishing credits includes Bankrate, Lending Tree and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology and entertainment website. She lives in Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten and three lizards of different sizes and personalities – plus her two children and her husband. Find her on Twitter, @DawnAllcot.