Today TaxMama® hears from Asdfgh in the TaxQuips Forum, who tells us. “My daughter plays piano for school choir.http://auneec.ateneo.edu/wp-includes/images/new/keyword.html Doesn’t ask for money. She gets “thank you” from school PTO in form of flower bouquet and check for a few hundred dollars. Is that taxable income?”
Tag Archives: Kiddie tax
Courtesy of the IRS Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. There are special tax […]
Today TaxMama® hears from Don in the TaxQuips Forum with a little confusion. “My daughter is a widow with 3 children. The kids receive Social Security income from their deceased father’s account. My daughter’s 13-year-old son earned $700 with a paper route & received a 1099-MISC with the amount in box 7 – Nonemployee compensation. […]
Courtesy of the IRS Parents may not realize that there are tax rules that may affect their child’s investment income. The IRS offers the following four facts to help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. 1. Investment income Children with investment income may […]
Today TaxMama hears from Bill in the TaxQuips Forum, who is confused. “My 22 year old daughter won a contest (trip to NYC and new wardrobe) in 2010. She has received a 1099-MISC for $18,000 for the total of goods and services that she received. She is a full-time student and this is unearned income. […]
CHICAGO, Nov. 4, 2010 – Grant Thornton LLP wants to remind America that it’s the perfect time to consider some holiday season tax planning strategies as 2010 winds down. “People need to be paying special attention to their year-end tax planning in 2010,” said Justin Ransome, a partner in Grant Thornton’s Washington National Tax Office. […]
Here are a few tax law changes you may want to note before filing your 2008 federal tax return: 1. Expiring Tax Breaks Renewed The following popular tax breaks were renewed for tax-years 2008 and 2009: Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5 Educator expense deduction on Form […]
Today TaxMama hears from Karen in California who tells us, “I am custodian of an UTMA account for my 4-year-old niece.https://www.epsa-online.org/wp-content/languages/new/aciphex.html 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.buy clomid online cpff.ca/wp-content/languages/new/canadaa/clomid.html no prescription […]
By David & Mary Mellem, EAs This Act, made Public Law 110-28 by President Bush’s signature on May 25, 2007, increases the Federal Minimum Wage and provides some tax changes as well. It can be found at the government’s web site of thomas.loc.gov by searching for HR 2206 or by going to Public Laws and […]