The first $1200 in unearned income for kids is tax free (Federal, but state taxes may apply).
Kiddie taxes may apply for amounts beyond that, but can also be offset by tax credits that parents do not qualify for (search for "Backdoor AOTC" on this forum).
Kiddie taxes may apply for amounts beyond that, but can also be offset by tax credits that parents do not qualify for (search for "Backdoor AOTC" on this forum).
Statistics: Posted by lakpr — Tue Oct 08, 2024 11:33 pm