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Yes. Furthermore,
if he is your dependent and under 24, he will be subject to the “Kiddie tax”. The first $1050 is not taxed; the next $1050 is taxed
at the child's marginal rate (usually 10%) and the rest will be taxed at the
parent's rate. TurboTax completes form 8615 to do this calculation. When
entering your child's info, you'll need to have information from your return
handy.
If his only income is from interest (including savings bonds) and dividends, Alaska PFD or capital
gains distributions shown on a 1099-DIV, there is a provision for entering
it on your return, using form 8814. Enter at Less common income /
Child's income.
Yes. Furthermore,
if he is your dependent and under 24, he will be subject to the “Kiddie tax”. The first $1050 is not taxed; the next $1050 is taxed
at the child's marginal rate (usually 10%) and the rest will be taxed at the
parent's rate. TurboTax completes form 8615 to do this calculation. When
entering your child's info, you'll need to have information from your return
handy.
If his only income is from interest (including savings bonds) and dividends, Alaska PFD or capital
gains distributions shown on a 1099-DIV, there is a provision for entering
it on your return, using form 8814. Enter at Less common income /
Child's income.
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