Whether or not you need to file taxes as a full-time high school student comes down to your income, age, filing status and whether someone claims you as a dependent on their tax return. If you don't make a certain amount of money, you don't have to file a return. However, you may want to file if you made less than the minimum amount but your employer withheld federal taxes from your paycheck. That way you get the money back in the form of a tax refund.
If you are filing taxes as a high school student, you can use IRS Form 1040EZ to document all income earned from your employer. If you are engaged in freelance work, you will also need to incorporate Schedule C into your filing to-do list.
Finding the Necessary Paperwork
If you're single, have no dependents and earned all your income from an employer, you can use IRS Form 1040EZ. It's a streamlined one-page tax form. You'll need the regular IRS 1040 form if you received unearned income. As an independent contractor, you'll complete the regular 1040 and an additional form called the Schedule C. If you have $5,000 or less in business expenses, you can use the simpler Schedule C-EZ form. The forms come with instruction booklets that provide step-by-step instructions.
Free Filing Opportunities
The IRS provides a free online filing service for taxpayers earning low to moderate incomes, which was $66,000 for the 2017 tax year. It includes free software that helps you fill out the appropriate forms and file them over the Internet. This is usually the quickest way to file. You can also pick up most tax forms at your local library or print them from the IRS website at IRS.gov.
Understanding Filing Requirements
For the 2017 tax year, you have to file a tax return if you’re under age 65, earn more than $10,400 and no one claims you as a dependent. If someone like a parent or guardian claims you as a dependent, the income requirement drops to $6,350. However, if you earn $1,050 or more from interest or investments or you're self-employed and make more than $400, you'll have to file even though you don't meet the minimum income level. For the 2018 tax year, if you earned more than $12,000 and no one claims you as a dependent, you are required to file.
Analyzing Earned Income
You'll receive Internal Revenue Service Form W-2 from your employer. It lists your earned income in Box 1. Earned income includes wages, salary, tips and commissions. If you were paid as an independent contractor, you'll receive IRS Form 1099, which shows your non-employee compensation in Box 7.
Assessing Unearned Income
Even if you're still in high school, taxes on unearned income must be paid. Unearned income comes from investments or interest-producing accounts. These include interest, dividends and capital gains. Some savings accounts, certificate of deposits and bonds generate interest each year. Stocks pay dividends based on the number of shares you own as well as capital gains if its price goes up over the course of the year. If you have unearned income your financial institution sends you a statement or specialized 1099 form showing the amount.
- Internal Revenue Service: Net Profit From Business
- W-2instructions.com: W-2 Instructions
- Internal Revenue Service: Filing Your Taxes
- Internal Revenue Service: Do Your Federal Taxes for Free
- Internal Revenue Service: Publication 17 (2017), Your Federal Income Tax
- Internal Revenue Service: Publication 929 (2017), Tax Rules for Children and Dependents
Chris Brantley began writing professionally for a financial analysis firm in 1997. From 2000 to 2004, he worked as a financial advisor, specializing in retirement planning and earned his Series 7, Series 66 and insurance licenses. Brantley started his full-time writing career in 2012 and has written for a variety of financial websites, including insurance, real estate, loan and investment sites. He holds a Bachelor of Arts in English from the University of Georgia.