Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-29-2016, 03:16 PM
Junior Member
 
Join Date: Mar 2016
Location: Seattle
Posts: 1
jeffball

My only income last year was an allowance from my parents. Do I need to file if it was less total than $15.000



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-29-2016, 05:41 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by jeffball View Post
My only income last year was an allowance from my parents. Do I need to file if it was less total than $15.000
NO .unless your parents give you an allowance and require your services such as running the family business or etc; in this case you need to file return as your gross income of $15K exceeds $10,300whether or not you are their depednet), then your allowance is tax-free; donees are generally not responsible for paying the gift taxThe money you RECEIVED FROM THEM was after tax dollars meaning already taxed as your parents taxable income on their return and was given to you. However! If you put the money in your bank account and that money has earned interest, than that money might be subject to tax if your gross income exceeds $10,300 FOR 2015 IF YOU FILE RETURN AS SINGLE. If not no need to report it . For 2015, your parents are each entitled to the annual exclusion amount on the gift. Together, they can give $28k without filing form 709.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.