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This document is used by students to declare a minor in Economics, listing required courses and electives, and captures necessary signatures from an advisor and department chair.
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How to fill out election of minor
How to fill out Election of Minor
01
Obtain the Election of Minor form from the appropriate authority or website.
02
Fill in the minor's full name, date of birth, and any pertinent identification details.
03
Provide the names and contact information of both parents or guardians.
04
Indicate the specific reason for the election of the minor.
05
Sign and date the form as required.
06
Submit the completed form to the governing body or relevant institution.
Who needs Election of Minor?
01
Parents or guardians of a minor who wish to make legal decisions on behalf of the child.
02
Individuals seeking to enroll a minor in school or other programs requiring official consent.
03
Guardians seeking to manage the minor's finances or handle other legal matters.
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What is Election of Minor?
Election of Minor is a specific tax election for a child who has unearned income, allowing the child to be taxed at the parent's tax rates instead of the child's potentially higher tax rates.
Who is required to file Election of Minor?
Parents or guardians of a minor child who has unearned income and meets certain threshold limits are required to file the Election of Minor.
How to fill out Election of Minor?
To fill out the Election of Minor, parents must complete the necessary tax forms, typically IRS Form 8814, and include both the child's income information and their own tax information.
What is the purpose of Election of Minor?
The purpose of the Election of Minor is to allow families to manage the tax burden of unearned income of minors by limiting the child's tax rates to that of the parents, which could potentially result in lower taxes.
What information must be reported on Election of Minor?
Information that must be reported includes the child's name, Social Security number, the amount of unearned income, and the parents' adjusted gross income, among other details required by the IRS.
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