Does my child need to file a tax return and will income affect aid?

Question

My child is 16 and is working full-time this summer. He will earn about $3,300 this summer. Will he need to fill a tax return next year? Will his income affect his anticipated financial aid for college next year when we submit the FAFSA in January? Thanks! -Mom in NJ

Answer 1

He is not required to file a return at this level of income.  However he may wish to if there was any withholding taken from his check as he would be due that as a refund.  If your income was greater than his you still should be able to claim him as a dependent.  As for the aid issue it will depend on the combined income for both of you.

Answer 2

he doesnt make enough to calem himself on taxes. And if he still has a job, your income and his income will effect financial aid. and it also depends if u have any other children getting financial aid for college.

Answer 3

If the summer job is your child's only income, he is not required to file a tax return.  

He will need to disclose this income on his FAFSA form in January.  There are formulas to determine how much of his own income he is required to contribute to his education.  Your college financial aid office may provide you with details on the impact of this summer job.