Q1: If a child is 10 years old and have an interest income of $2400 from ibond (i.e., less than $2500) in 2023, and it was the only income that the child had in 2023, should this be reported on the parents' income tax return or on a kiddy tax return?
Q2: Is there a difference in the amount of tax to be paid filing either on parents' return or a kiddy tax return?
Q3: If one files kiddy tax, which form should one use? 1040 ES? I assume that if you file Federal kiddy tax, you should also file the state kiddy tax, correct?
Thanks.
