900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
The Online Advisor - February 2000
Your child may have to file a 1999 tax return
If your child had wage income only during 1999, a tax return must be filed for 1999 if wages exceeded $4,300. If your child earned less than $4,300 but employers withheld taxes, a tax return must be filed if you want to receive the refund.
If your child had net self-employment earnings of $400 or more in 1999, a return is required and a self-employment tax of 15.3% is due. Income tax could be due if earnings exceeded $4,300.
If your child had investment income only during 1999 (such as dividends and interest), reporting is required if the total exceeded $700.
If your child had both earned and investment income, a return is required if the total income was more than the larger of (a) $700 or (b) $250 plus earned income, not to exceed the standard deduction of $4,300.