Welcome back. Here are answers to your follow up questions.
- (7) Yes, you are right. They will be taxed at the parent's tax rate.
- (8) It depends on what you want to see. There is no tax advantage either way, and whether the child files or you include the income on your tax return it will be easy to identify your child's income should you need to. For history, you may want to file their own, but it's completely up to you and your future needs. (Form 8814)
- (9) No, you are correct. A gift for 2024 is too late because the gift must be transferred by December 31st.
- (10) TurboTax has this forum open all year. You can post questions and they will be answered just like they are now.
- (11) I would create a new question thread for any questions about your LLC.
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