The IRS is allowing taxpayers the election to calculate the kiddie tax for 2018 and 2019 using the child’s allocable parental tax instead of the tax rates for trusts and estates. The election is made on the taxpayer’s return or by attaching a statement to the return. A taxpayer can choose whichever method provides the lowest tax liability for 2018 and 2019.To make the election for 208 an amended return must be filed to claim a refund.
We are expecting the changes necessary to file a 2018 amended return to make this election ready approximately mid-March. You can sign up HERE to be notified when the update has been made.
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