Wondering how old you have to be to file taxes? The IRS requires all taxpayers, regardless of age, to file a tax return if they meet income thresholds.
The child reports it onForm 8615(Tax for Certain Children Who Have Unearned Income), which is attached to the child’sForm 10402 The first option can be used when the child’s only income is interest and dividend income, including capital gains, and totals less than $11,000. If that’s...
“kiddie tax” rate of 10 percent. If a child’s unearned income exceeds $2,500, it’s taxed at a different rate and may be subject to the net investment income tax (NIIT) of 3.8 percent. IRS form 8615 is used to determine tax on unearned income over $2,500 for those under 18....
The Tax Day countdown has passed for this tax year, but not all taxpayers have made it across the finish line with their IRS Form 1040. If this is you, you may be panicking that you missed the tax filing deadline. Take a deep breath and know that we’re here to help! So, what ...