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If Marc is 12 years old and can be claimed as a dependent by his parents, but he earns $4,200 from a paper route and
If Marc is 12 years old and can be claimed as a dependent by his parents, but he earns $4,200 from a paper route and other odd jobs, does he need to file a tax return of his own?
1.) Yes, because his earned income was less than the maximum limit for dependents.
2.) Yes, because his earned income exceeds the maximum limit for dependents.
3.) No, because his earned income was less than the maximum limit for dependents.
4.) No, because his income does not exceed the standard deduction for single filers.
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