Can I be an exempt payee if I'm 18 and unemployed?
Check the box for Exempt payee only if you are positive that you are exempt from backup withholding. Most individuals or sole proprietors do not qualify as exempt payees. Most 18-year-olds are still on their parent's tax forms as a dependent.
Answered by Stephanie S. -
About Tax Forms
Tax forms report financial information to state and federal tax bureaus. Individuals or corporations file these forms with the respective tax organization. Their are many different types of tax forms, however the most popular is the 1040 (Individual Income Tax Return).
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