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Get your taxes done using TurboTax
Yes, agreed. It seems that since Turbo Tax will not allow you to characterize the compensation as earned and avoid 8615, you are best to go the Schedule C route and pay self employment taxes (15.3%) on the earnings. It's less than the kiddie tax and at least more commensurate with what the child was doing (earned income vs unearned investment income)
March 14, 2021
12:07 PM