Common Mistake With Children Filing Their Own Tax Return

Hey folks, Kevin Molen with Molen & Associates here. I want to give you a quick update one of the things we’re seeing a lot. It is dependent children who got their first summer job or maybe they’re even college students and they’re working part-time and they get their w-2s and they want to file their tax returns themselves really quickly. It’s important to note for you parents out there, do not let your kids file their own tax return right out of the gate. It may be the most beneficial thing to do to have them file their own tax return or they may be required to file a tax return depending on their income, but don’t let them just jump right into it and do it themselves.

What I tell all of my clients is grab your kids w-2s, bring them to me in your tax appointment and at no additional charge I will do a quick review tell you approximately what refund if any they should be expecting and the best way to file because there’s a lot of implications in regards to: let’s say for example your child is a college student. Your child, if they don’t provide more than half of their own support, may not be able to claim the good education credits so even if it may make sense for them to claim themselves for education credit purposes it may be that you are required to claim them in order to facilitate that credit. That’s a $2500 credit, so don’t miss out on that. If you have questions you guys should reach out to us.

Give us a call at Molen & Associates. My number one piece of advice if you’ve got kids that are working grab their w-2s. Do not let them file a tax return flippantly make sure you consult with a professional.