Q. If they are 14 or older it is taxed at the child's rate? And if they are younger than 14 they are taxed at the a special rate, partly at the child's rate, partly at the parent's rate?
Thanks so much guys.
Thanks so much guys.
A. The kiddie tax rules changed in 2006. Now children up to 18 (23 if in school) are subject to be taxed at their parent's rate if unearned income is over $1,700.
Additionally, the child may be subject to AMT if he has investment income of over $6,050.
Additionally, the child may be subject to AMT if he has investment income of over $6,050.
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