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WWW.The-Farmer.com ? October 2007 31 Farm Management Beware of kiddie-tax changes Farm & Family By ROBERT ANDERSON OR many years, there has been a provision in the tax code that requires children
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How to fill out beware of kiddie-tax changes
Point by point guide on how to fill out beware of kiddie-tax changes:
01
Familiarize yourself with the changes: Start by understanding the key features of the kiddie-tax changes implemented by the IRS. Know the new tax rates, thresholds, and rules to ensure accurate reporting.
02
Determine if your child is subject to the kiddie-tax: The kiddie-tax applies to children under the age of 19 (or 24 for full-time students) who have unearned income above a certain limit. Calculate your child's unearned income to determine if they are subject to this tax.
03
Understand the new kiddie-tax rates and thresholds: The new kiddie-tax rates are based on the trust and estate income tax brackets, which may differ from the parent's tax rates. Familiarize yourself with these rates and thresholds.
04
Report the child's unearned income on Form 8615: Use Form 8615, "Tax for Certain Children Who Have Unearned Income," to report the child's unearned income subject to kiddie-tax. Include the child's name, Social Security number, and other relevant information.
05
Allocate the kiddie-tax: If the child's unearned income exceeds the threshold, allocate the kiddie-tax among multiple parents or individuals responsible for the child's tax return. Follow the guidelines provided by the IRS for proper allocation.
06
Include the kiddie-tax on the parent's tax return: When filing the parent's tax return, ensure the kiddie-tax is included, if applicable. Use Form 8814, "Parents' Election to Report Child's Interest and Dividends," to report the child's income subject to kiddie-tax.
Who needs to beware of kiddie-tax changes:
01
Parents or guardians of children under the age of 19 (or 24 for full-time students) who have unearned income above a certain threshold.
02
Individuals responsible for preparing the child's tax return or reporting the child's unearned income for the purpose of kiddie-tax calculation.
03
Tax professionals who provide assistance to individuals or families with children that may be subject to kiddie-tax changes.
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What is beware of kiddie-tax changes?
Beware of kiddie-tax changes refer to updates made to the tax code affecting how investment income for children is taxed.
Who is required to file beware of kiddie-tax changes?
Parents or guardians of children who have investment income are required to file beware of kiddie-tax changes.
How to fill out beware of kiddie-tax changes?
To fill out beware of kiddie-tax changes, parents or guardians must include the child's investment income on their tax return using Form 8615.
What is the purpose of beware of kiddie-tax changes?
The purpose of beware of kiddie-tax changes is to ensure that children's investment income is taxed at the appropriate rate.
What information must be reported on beware of kiddie-tax changes?
On beware of kiddie-tax changes, parents must report the child's investment income, such as dividends, interest, and capital gains.
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