<prompt> Human: Im currently a University Student away from home. I do not have a campus job, but I have some money saved up from when I was younger mowing lawns, birthday gifts, graduation gifts, etc.. Every month, my parents deposit some money into my account if I need it for school supplies and such. Do I need to worry about taxes on this money? On the official IRS webpage, it states that if your gross income is equal to, or exceeds 1,050, you have to file a tax return. I also have some of this money in an investment service called Wealthfront. I also know that my parents claim me as a dependent.  <response>: Nope, its a gift, not income. If your parents are giving you more than 15k per year then they need to tell the IRS but thats it. 