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Get your taxes done using TurboTax
Okay, sounds reasonable. Thanks for the caution on paying myself. (I certainly intend to do that with respect to managing her trust, which specifically provides for that.) As for the kiddie tax, it applies to trusts, too, and I would assume estates, with tax rates up to 37 percent! It's called the kiddie tax because it applies to anyone up to the age of 24, and the unplanned victims were the Gold Star children who parent was killed in combat and whose payouts of course were "unearned income." That bit of stupidity was later fixed, sort of, but the 37 percent tax rate remains for the non-kiddies with interest and dividends.
‎April 10, 2024
11:43 AM