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Matthew is 16 years old and can be claimed as a dependent by his parents. He received $1,500 in ...

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Matthew is 16 years old and can be claimed as a dependent by his parents. He received $1,500 in ...

Matthew is 16 years old and can be claimed as a dependent by his parents. He received $1,500 in dividends and $650 in interest and earned $4,800 from odd jobs during the year. Will Matthew need to file a separate tax return? Why?

▸ No. His gross income is under the standard deduction.

▸ Yes. His unearned income exceeds the maximum limit for a dependent.

▸ No. His gross income does not exceed the maximum limit for a dependent.

▸ Yes. His earned income exceeds the maximum limit for a dependent.

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Personal Finance

Edition: 2^nd

Author: Bajtelsmit

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