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bn3113
New Member

Does investment income for child who must file own return get standard deduction?

 
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KrisD
Intuit Alumni

Does investment income for child who must file own return get standard deduction?

According to the IRS:

"Dependents -  If you can be claimed as a dependent by another taxpayer, your standard deduction for 2016 is limited to the greater of: (1) $1,050, or (2) your earned income plus $350 (but the total can't be more than the basic standard deduction for your filing status)."

https://www.irs.gov/taxtopics/tc551.html





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KrisD
Intuit Alumni

Does investment income for child who must file own return get standard deduction?

According to the IRS:

"Dependents -  If you can be claimed as a dependent by another taxpayer, your standard deduction for 2016 is limited to the greater of: (1) $1,050, or (2) your earned income plus $350 (but the total can't be more than the basic standard deduction for your filing status)."

https://www.irs.gov/taxtopics/tc551.html





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