My child is 16 and is working full-time this summer. He will earn about $3,300 this summer. Will he need to fill a tax return next year? Will his income affect his anticipated financial aid for college next year when we submit the FAFSA in January? Thanks! -Mom in NJ
If the summer job is your child’s only income, he is not required to file a Tax Return.
He will need to disclose this income on his FAFSA form in January. There are formulas to determine how much of his own income he is required to contribute to his education. Your college financial aid office may provide you with details on the impact of this summer job.