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Election of Minor Economics (20 hours) 20152016 Catalog Name I.D. Number Planned Degree Completion Date: Mo. Yr. Major: Required CoursesHoursDo not write in shaded area ECON 221 ECON 222 ECON 331
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What is election of minor economics?
Election of minor economics is a process where a person elects to have their minor child treated as having earned income for tax purposes.
Who is required to file election of minor economics?
The parent or legal guardian of a minor child is required to file election of minor economics if they want to have the child's income taxed at their own tax rate.
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The election of minor economics form can be filled out by providing the minor child's information, income details, and the parent or guardian's information.
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The purpose of election of minor economics is to allow parents to include their child's income on their own tax return, potentially reducing overall tax liability.
What information must be reported on election of minor economics?
Information such as the minor child's income, the parent or guardian's information, and any applicable tax deductions must be reported on the election of minor economics form.
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