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February 12, 2025
Question

Custodial Roth IRA

  • February 12, 2025
  • 1 reply
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If a child has self employment, earned income, earned in cash over the course of the year, and their parents file taxes for them, can the parents still claim the child as dependent?  What is the maximum amount they can make in self employment before the parents cannot claim the child as dependent?

    1 reply

    February 12, 2025

    A child that is under 19 can make any amount of money and still be considered a dependent. ‌ However, you must provide over one-half of their support to be able to claim them as a dependent. 

     

    Here's some more information about claiming a dependent: Rules for Claiming Dependents on Taxes