Taxes 101 for Teens

Introduction

Tax season is here, and if you had a job last year, taxes might be on your to-do list for the first time. Filing taxes can feel confusing, but the basics are simpler than they look. Many teens even get money back when they file. With the deadline coming up on April 15, now is the perfect time to learn how it works.

Do You Need to File?

Whether you have to file depends on how much you earned. For the 2024 tax year, a teen who is claimed as a dependent and only earns money from a job generally must file if they earned more than $14,600, which is the standard deduction. However, even if you earned less, you may still want to file. If your employer took federal income tax out of your paychecks, filing is the only way to get that money back.

The Forms You Will See

If you worked for an employer, you should receive a W-2 form by the end of January. It shows how much you earned and how much tax was withheld. If you did freelance work, like babysitting or tutoring for a business, you might receive a 1099 form instead. You will use these forms to fill out your tax return, usually Form 1040.

How to File

Many teens can file for free using the IRS Free File program or simple tax software. You can also ask a parent or guardian for help, especially since they may need to know whether they are claiming you as a dependent. Double-check your Social Security number and all the numbers you enter. If you are getting a refund, choosing direct deposit is the fastest way to receive it.

Conclusion

Filing taxes for the first time is a big step toward financial independence. Even if you do not earn much, filing can help you get back money that was withheld from your paychecks. Gather your W-2s, use free filing tools, and do not wait until the last minute. You might just be rewarded with a nice refund!