Yes. It's $2600 of unearned income. And don't forget about any interest.I have quick question and didn't want to start a whole thread about it. In terms of harvesting gains up to the $2600 limit, does that apply to all gains? Mainly I'm asking about short term capital gains. (FWIW, my minor child will not have any other income besides investment income.)You can also do tax gain harvesting within a UTMA/UGMA account for children as long as you stay within the kiddie tax limit.
The kiddie tax doesn't start until the child earns $2,600 per year so that's another $2,600 per year in space per child at the 0% tax rate. I have both 529 and UGMA accounts for my children. I control UTMA accounts in my state until age 21.
Statistics: Posted by RetiredAL — Fri Oct 04, 2024 10:54 pm