After all, minors MUST declare Income Tax Check the IRS rules!

Normally, minors are included as dependents of their parents. However, the Federal Revenue Service has specific rules regarding who must declare Income Tax. Check out!

When we think about Income Tax, we automatically associate it with adults with formal income, right? But did you know that minors can also be targeted by the IRS when declaring Income Tax?

Yes that’s right! And it’s not a question of age, but rather of meeting certain criteria established by law. Surprising, agree?

Have you ever heard of minors having to declare their Income Tax? Check out! / Credit: @jeanedeoliveirafotografia / pronatec.pro.br

Should a minor declare Income Tax?

In general, age does not exempt anyone from the obligation to declare Income Tax. What determines this need are the criteria defined by the Federal Revenue Service.

In other words, if a minor is not included as a dependent in the parents’ declaration and meets any of the stipulated conditions, such as receiving child support above a certain amount or inheriting a property of considerable value, then yes, he needs to declare.

Alimony and inheritances

In short, the most common cases that lead minors to declare IR are the receipt of alimony that exceeds the established limit and the inheritance of properties with a value greater than that defined by the Revenue.

These situations force the minor to be accountable to the Lion, regardless of their age.

When is it better to declare separate income tax?

Although many parents include their children as dependents to take advantage of tax deductions for health and education expenses, there are situations in which it may be more advantageous for the child to declare separately.

This can prevent the child’s income, added to that of the parents, from increasing the tax calculation base to a higher bracket, resulting in more tax to be paid.

See more: IPVA paid on PIX? Find out how to pay the tax that is not optional

The case of alimony

Now, imagine a scenario of separated parents, where one pays the pension and the other has custody of the child. Including the child as a dependent and declaring the pension received can significantly increase the taxable income of the guardian, possibly increasing the tax bracket.

Therefore, it is essential to evaluate each case to determine the best way to declare.

The responsibility of the declaration

It is important to highlight that, even if a minor is obliged to declare, the responsibility for submitting the declaration lies with the parents, guardians or legal guardians.

They must ensure that all procedures are followed correctly to avoid problems with the IRS.

Don’t forget to declare your Income Tax!

In summary, declaring Income Tax by minors may seem like something new to many, but it is a reality that needs to be faced in certain situations.

Therefore, being well informed and understanding the criteria can avoid unpleasant surprises and ensure that everything complies with current legislation.

Understanding the nuances of declaring Income Tax, especially in less common cases such as minors, is essential to guarantee your family’s financial and legal peace of mind. And remember, if in doubt, consulting a specialist may be the best way!

Dates for submitting the IR 2024 declaration

Finally, in 2024, taxpayers will have from March 15th to May 31st to submit the Income Tax declaration for the base year 2023.

The IRS maintains the delivery deadline the same as the previous year. Additional details about this year’s process will be released by the IRS soon. B

It is important to remember that failure to deliver within the stipulated period may result in fines for the taxpayer.

See more: Is anyone earning up to two minimum wages EXEMPT from Income Tax? Find out everything!

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