Comments on: Minor and taxes – ages and offshore banking? http://darlees.com/2010/06/minor-and-taxes-ages-and-offshore-banking/ Tax issues and help with tax Wed, 08 Feb 2012 23:29:43 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: v b http://darlees.com/2010/06/minor-and-taxes-ages-and-offshore-banking/comment-page-1/#comment-564 v b Wed, 02 Jun 2010 10:17:10 +0000 http://darlees.com/2010/06/minor-and-taxes-ages-and-offshore-banking/#comment-564 Legally if it's your income, you get to report it on your tax return, no matter where you store it. The USA taxes on worldwide income. In addition if you have more than $10K in a foreign account, you must report the existence and balance of that account once a year on a form TD F 90-22.1. For tax purposes, even a baby can pay taxes if they have enough income in their name. I've seen tax returns for teenagers who made $1Mil. As a dependent, if all of your income is from wages, you can make up to $5450 in 2008 without owing tax. If some of your income is from non-wages (interest, dividends) and it's more than $300, some of it will be taxed. Legally if it’s your income, you get to report it on your tax return, no matter where you store it.

The USA taxes on worldwide income. In addition if you have more than $10K in a foreign account, you must report the existence and balance of that account once a year on a form TD F 90-22.1.

For tax purposes, even a baby can pay taxes if they have enough income in their name. I’ve seen tax returns for teenagers who made $1Mil.

As a dependent, if all of your income is from wages, you can make up to $5450 in 2008 without owing tax. If some of your income is from non-wages (interest, dividends) and it’s more than $300, some of it will be taxed.

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