Parenting

Mom as Dependent

December 17, 2009

Today TaxMama hears from Dee in California, who wants to know. “Is my mother’s Social Security income ($9,000 – no other income) considered earned income in order for me to meet the criteria to file for Head of Household?”

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Storing Dad’s stuff

September 22, 2009

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Today TaxMama hears from Sandra in California, who tells us. “I have a client that inherited a house from her father. She kept it as a rental income property. She cleared out all of his possessions from the property and put them in storage. Now she wants me to categorize the on-going storage expense as [...]

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Claiming my Parents

August 12, 2009

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Today TaxMama hears from April in California, who’s done some research. “I’d like to include my parents as qualifying dependents on my 2009 personal tax return (single). My father has been out of luck in the job market since late 2008, and has been collecting unemployment insurance. Their interest income plus unemployment would be over [...]

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On Parents’ Account

August 11, 2009

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Today TaxMama hears from Sherri in Montana with this question. “Are there tax consequences to being a signer on your elderly parents’ checking account in case something happens to them?”

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IRS Collects Child Support

May 21, 2008

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Today TaxMama hears from Tina in Washington State, who has a problem. “Does the IRS track past due child support? Will IRS route the non-custodial parents arrearages to the custodial parent from tax returns and/or the economic stimulus check?”

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Child Care

April 8, 2008

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Today TaxMama hears from Jon in Texas, who tells us. “I work and my wife stays at home. We have our daughter enrolled in a religious affiliated mother’s day out/ pre-k program twice a week. Can the tuition for this be deducted as a childcare expense or such?”

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Stimulus Rebate and Dependents

March 3, 2008

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Today TaxMama hears from Trudy in New Jersey who wants to know, “In regards to the tax rebate. If you claim your parent as a dependent do you get a credit for them? My husband and I have 3 children and also claim my mother on our taxes as a dependent. She lives with us [...]

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Tax Rates for a Child’s Investment Income

February 29, 2008

Courtesy of the Internal Revenue Service TT-2008-38 Part or all of a child’s investment income may be taxed at the parent’s rate rather than the child’s rate. Because a parent’s taxable income is usually higher than a child’s income, the parent’s top tax rate will often be higher as well. This special method of figuring [...]

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Secret Gift

February 19, 2008

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Today TaxMama hears from Karen in California who tells us, “I am custodian of an UTMA account for my 4-year-old niece. I received a 1099 this year listing approximately $500 in capital gains and dividends. I’m not in contact with my niece’s parents, nor are they aware of this gift. Due to the small amount, [...]

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