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Old 03-29-2016, 03:16 PM
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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



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Old 03-29-2016, 05:41 PM
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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.



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