Posts tagged as:

kiddie-tax

I Kid You Not: Filing for Dependents

11 April 2011

The arrival of catalogues at my house have done quite a bit to up my daughter’s work ethic. She has it in her head to buy an American Girl doll, complete with accessories, and if you know anything about the brand, you know it’s not cheap. With that, she’s been offering to do all kinds [...]

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Ask the taxgirl: Tips and Income for Kids

5 February 2010

Taxpayer asks: My daughter worked as a bagger (bagged groceries) last year at our base commissary. The baggers do not receive a salary and work strickly for tips. I already checked with the “Head Bagger” at the commissary who said no type of 1099 will be sent. How do I go about claiming the monies [...]

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Ask the taxgirl: Allowances for Kids

26 September 2009

Taxpayer asks: Hi, My husband and I have decided to open a bank account for our son. We’re going to give him an allowance every week. He gets to keep part of it and put the rest in the bank. If he saves a certain amount, he gets a bonus allowance. The point is to [...]

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Up, Up and Away… In My Beautiful Tax Balloon

20 October 2008

As the economy continues on its wild ride, the IRS has announced a series of adjustments for tax brackets and other provisions for the 2009 tax year. These adjustments, in response to inflation, are required by law. Note that these adjustments will affect your 2009 tax return, normally filed in early 2010. Your 2008 tax [...]

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Ask the taxgirl: Kiddie Tax

20 June 2008

Taxpayer asks: My son wants to know when he’ll have to file for taxes, he started mowing lawns this summer and is getting paid $25 per yard. Taxgirl says: Wow, I feel old. I used to get paid $10/yard for biggish yards in the country. *sigh* Whether your son will have to file and pay [...]

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Tax Changes for 2006 (Pt 4)

9 March 2007

Prior to 2006, children under the age of 14 who have unearned income (dividends and interest) over $1600 and are claimed as dependents must be taxed at their parent’s rates – this is the so-called "kiddie tax".  For 2006, the age has increased to dependents who have reached age 18 (yes, this means that emancipated [...]

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Fix the Tax Code Friday: Kiddie Tax

2 February 2007

My daughters received their forms 1099-INT for their "Little Savers" accounts at our local bank last week.  Since they are under the age of 16, we must report their income on our personal income tax returns (the infamous "Kiddie Tax").  The tax policy rationale is that wealthy parents should not be able to shift income [...]

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