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Thank you all for your time to help me understand. I did review Pub 501 and specidfically lines 6 thru 19. I guess I don't fully understand the difference between expense and support because both are used there, but I do understand the calculation of support and "yes" my grandson and his parents will complete Form 501. If I may I would like to confirm what I think you all have said and confirm the kiddie tax would "not" apply: 1. He will have "earned" income in excess of half the support his parents will have provided him this year, hence the kiddie tax does not apply. Isthat correct? (...but his parents will have provided more than half that support). 2. Because 1 above is true, then he is not required to complete form 8615. What is not clear is just because he does not have to complete Form 8615, does that in itself mean the kiddie tax does not apply? 3. As it relates to the kiddie tax it does not matter if his parents claim him as a dependent (they will not claim him even though he meets the definition of a qualified dependent) but I have read elsewhere it is not "if they did/will", it matters "if they could" claim him. (By the way my tax accountant said because they don't claim him, that in itself means the kiddie tax does apply. I'm not so sure he is correct and that is why I went to this TT community for help).   Thank you for your expertise and patience with me...

Again, it depends upon your specific situation and how the aircraft is being used.  As mentioned above, IRS Publication 946 gives more specific details on aircrafts and depreciation as it applies to business use. Please see this link for specific guidance within the publication which directly references business use or this section for specific guidance on noncommercial aircraft rules.   @mp565 

Typically, you wouldn't amend for a REV-1882 form since it is an informational form. It does not include any calculations that would change your tax return and would require an amendment. You can contact Pennie directly to discuss your options. 

Where do you see the terms "stock basis" and "tax basis"? Those are not common terms in relation to income tax. The usual term is just basis. You will also see "cost or other basis," which often gets shortened, somewhat illogically, to "cost basis." Basis is your cost for acquiring an investment or other asset. If you purchased the asset, your basis is the amount that you paid for it. When you sell the asset the difference between the amount that you sell it for and your basis determines your gain (profit) or loss. You report the selling price and the basis on your tax return for the year that you sell the asset. Other than that there is no reporting of any kind of basis, at least as far as income tax is concerned.  

@AmeliesUncle Thank you   <<But the point that the OP and I were making is that the child does NOT need to pay any support with that earned income. >>   yes, I agree as well.    <<The Kiddie Tax is merely comparing the amount of support with the amount of earned income, regardless of who actually pays the support.>>   I agree, and that is the way the worksheet works (lines 6-19), but from the OP's responses, I am not confident that the OP understands how "support costs" are defined.  I'd just like to see the OP acknowledge with "Yes, I will complete the worksheet" to answer the questions I am asking."       thank you again! 

@NCperson wrote:   The IRS publication states "support costs"; where does it state "expenses"?    The support cost is determined on lines 6-19  of the worksheet (page 16 of Pub 501), so if his earned income is more than 1/2 of Line 19, then no "kiddie tax" implications .  How would any of us know whether that is true?    I agree that it is "support", not "expenses".  Thank you for that clarification.   As you said, the taxpayer need to know the amount of support, and using that worksheet in Publication 501 is a great way to do that.   Once a person knows the amount of support, then it can be contrasted with the amount of earned income.  But the point that the OP and I were making is that the child does NOT need to pay any support with that earned income.  The Kiddie Tax is merely comparing the amount of support with the amount of earned income, regardless of who actually pays the support.    

to further clarify,    if you did not work, then it would take unearned income that exceeds the standard deduction to be eligible for CTC.   Let's say you file Head of Household.  The 2024 standard deduction was $21,900. So to be eligible for CTC, you would need more than $21,900 of unearned income to be eligible for the first dollar of CTC.    if you did work, then it would take more than $2500 of earned income to be eligible for the first dollar of CTC (and technically, it would be the refundable aCTC).     

Si ya presentaste la declaración y esta fue aceptada (o si la enviaste por correo postal), ya no puedes cambiar la cuenta bancaria que se usa para el depósito directo. Si no la has presentado, puedes cambiar tu información de depósito directo siguiendo estos pasos: Abre o continúa la declaración. Selecciona Presentar. Selecciona Comenzar o Volver a revisar o Continuar junto al Paso 2 Información de tu reembolso/pago. Selecciona Ver todas las opciones en la pantalla Obtén tu reembolso hasta 5 días antes. Elige Depósito directo y sigue las instrucciones en pantalla.

@AmeliesUncle please help me with your response.  Support includes 'fair share' of the parents housing expense and the child's educational expenses, right?    <<he need not have "paid" for half his expenses, he need only have "earned" more than half his expenses.>>   The IRS publication states "support costs"; where does it state "expenses"?    "Was a full-time student at least age 19 and under age 24 at the end of 2024 and didn’t have earned income that was more than half of the child's support."   What if the student's parent's live in a multi-million dollar mansion and the student is an only child.  The "fair rental value" is going to be quite high.  What if the student went to a private college? the educational cost would be quite high.   and therefore the support costs would be quite high.    On the otherhand if the student when to a public university and the parents live in a small home with many dependents, that would change the outcome as the support costs would be a lot less.    How can any of us be sure that earned income exceeds half the support cost to be certain the student is not beholden to kiddie tax?    The support cost is determined on lines 6-19  of the worksheet (page 16 of Pub 501), so if his earned income is more than 1/2 of Line 19, then no "kiddie tax" implications .  How would any of us know whether that is true?    I agree the support costs can not be actual costs, if only because the housing costs are inferred as the "fair rental value" of the home (line 6b).  There is no reason the rest of the costs wouldn't be actual support costs.    https://www.irs.gov/pub/irs-pdf/p501.pdf

@wkassin wrote: Was this by chance addressed in the recent tax bill, and/or is it possible that it will be adjusted at some point to classify it as a qualified disaster? Seems completely ridiculous for those of us that have suffered.   The current language significantly limits the benefit. HR1 (the one big beautiful etc.) did not modify the casualty loss rules.  There was a significant modification the year before, which among other things made wildfire relief payments non-taxable, but nothing changed in 2025.   The Tax Cut and Jobs Act of 2017, which raised the standard deduction and cut rates across the board, eliminated all casualty losses except for those related to a federal disaster.   The law in 2024 (I forget the name) updated this to create 3 different kinds or levels of federal disasters. This is discussed in publication 547. https://www.irs.gov/pub/irs-pdf/p547.pdf   1. Federal casualty loss.  A loss that occurs due to any federally declared disaster. 2. Disaster loss. A loss that occurs due to any federally declared disaster and that is eligible for federal, state or private assistance. 3. Qualified disaster loss.   This is a list of specific disaster losses.  It includes many losses that occurred before the law was signed, and allows taxpayers to file amended returns to get relief for disasters that were long past.  The list of qualified disasters includes some hurricanes, 2017 and 2018 wildfires, and any other major disaster declared by the president that occurred before December 12, 2024. Technically, the disaster event must have started no later than 12/12/24, ended no later than 1/11/25, and was declared by the president no later than February 10, 2025.   It's only the qualified disaster losses that get special treatment.   So in the end, fires that started on 1/25/25 are Federal casualty losses and Disaster losses but not "qualified" disaster losses.  Turbotax probably has the date rule built in, and won't let you claim a qualified loss, and if Turbotax did allow it, the IRS would not.   I can't tell you why Congress made those rules and set those dates, but that's how the law is worded.  Sorry.     

if this was due to a declared natural disaster you may be able to take a casualty loss deduction se irs pub 547 https://www.irs.gov/site-index-search?search=pub+547&field_pup_historical_1=1&field_pup_historical=1     

@FortuneCookies wrote:   YR 2022 - started rental in 08/2022 - form 4562 business use 42%     That is where you made the mistake.  It should show 100% business use.  It was 100% business use starting on 8/2022.  You were not supposed to manually enter 42%. TurboTax would take the 100% and automatically prorate it based on the months (4.5 months).  It seems like you manually entered 42%, in which case TurboTax then FURTHER prorated it be the partial year.  In other words, it seems like your 2022 return was also wrong.