Coordinating The Individual Tax Returns Of Dependent Family Members
The separate income tax returns of parents and their dependent children are sometimes intertwined. The choices made on one tax return may have an impact on another return. Parents can ensure that their family obtains the most favorable overall tax treatment by instructing dependents on how certain deductions should be claimed. Teenagers typically enter the workforce by working at part-time or seasonal jobs. After taxes are withheld from their earnings, teens and young adults often file tax returns early simply to receive a refund of their withholding.