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New Member
posted Feb 24, 2021 9:06:43 PM

Why is turbo tax asking for a parents SSN if im 22 and filing my own taxes? They also will not be claiming me as a dependent.

0 2 3835
2 Replies
Level 10
Mar 1, 2021 4:50:48 PM

You are being asked that because you come under the rules for the kiddie tax.  

That means:

In 2020 that means that you had unearned income (from investments or unemployment) of more than $1,100

You were under 18 at the end or 2020 or your were under 24 and a full time student and at least one of your parents is alive

You unearned income over $2,200 will be taxed at your parent's tax rate and the parents social security number is needed.

TurboTax will use the parent's social security number to fill out Form 8615 that will be filed with your return.

Level 15
Mar 1, 2021 4:53:04 PM

The tax is designed to prevent parents from paying lower taxes on their investments by putting them in their children’s names. However, it also applies  to unemployment compensation.

 

https://ttlc.intuit.com/community/income/help/what-is-the-kiddie-tax/00/25913