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01-26-2007, 09:10 PM
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How does the kiddie tax work?
What are the rules for taxes on interest earned by minors? Is there a certain amount they can earn and not need to file a tax return? Or do they have to file no matter what? I know I can look this up at IRS, but I figured it was easier to ask you guys.
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going. 
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01-26-2007, 11:24 PM
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Re: How does the kiddie tax work?
I have the same issue with my daughter. I am going to have to look it up.
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01-27-2007, 06:04 AM
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Re: How does the kiddie tax work?
The first $850 is exempt from taxes. The next $850 is at the child's tax rate (10% probably). Then anything after that is at your highest rate. Until the child turns 18.
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01-27-2007, 08:20 AM
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Re: How does the kiddie tax work?
Quote:
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Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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01-27-2007, 11:10 AM
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Re: How does the kiddie tax work?
Correct. Filing test for dependents
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01-27-2007, 12:33 PM
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Re: How does the kiddie tax work?
Thank you.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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01-27-2007, 06:09 PM
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Re: How does the kiddie tax work?
Ditto!
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