Children Who Have Investment Income

Document Sample
Children Who Have Investment Income Powered By Docstoc
					 IRS Tax Tips                                                                      March 21, 2013

Useful Links:                Issue Number: IRS Tax Tip 2013-38
IRS.gov Home                 Inside This Issue
1040 Central

Help For Hurricane Victims
                                     Tax Rules for Children Who Have
                                           Investment Income
News Essentials
                             Some children receive investment income and are required to file a
What's Hot                   federal tax return. If a child cannot file his or her own tax return for
                             any reason, such as age, the child's parent or guardian is responsible for
News Releases                filing a return on the child’s behalf.

IRS - The Basics             There are special tax rules that affect how parents report a child’s
                             investment income. Some parents can include their child’s investment
IRS Guidance                 income on their tax return. Other children may have to file their own
                             tax return.
Media Contacts
                             Here are four facts from the IRS about the taxability of your child’s
Facts & Figures
                             investment income.
Problem Alerts
                             1. Investment income normally includes interest, dividends, capital
Around The Nation            gains and other unearned income, such as from a trust.

e-News Subscriptions         2. Special rules apply if your child's total investment income is more
                             than $1,900. The parent’s tax rate may apply to part of that income
                             instead of the child's tax rate.

The Newsroom Topics          3. If your child's total interest and dividend income is less than $9,500,
                             you may be able to include the income on your tax return. See Form
Tax Tips 2013                8814, Parents' Election to Report Child's Interest and Dividends. If you
                             make this choice, the child does not file a return.
Radio PSAs
                             4. Your child must file their own tax return if they received investment
Fact Sheets
                             income of $9,500 or more. File Form 8615, Tax for Certain Children
Armed Forces                 Who Have Investment Income of More Than $1,900, with the child’s
                             federal tax return.
Disaster Relief
                             For more information on this topic, see Publication 929, Tax Rules for
Scams / Consumer Alerts         Children and Dependents. This booklet and Forms 8615 and 8814 are
                                available at IRS.gov. You may also have them mailed to you by calling
Tax Shelters                    800-TAX-FORM (800-829-3676).


                                Additional IRS Resources:
IRS Resources
                                      Publication 929, Tax Rules for Children and Dependents
Compliance & Enforcement News
                                      Form 8814, Parents' Election to Report Child's Interest and
Contact My Local Office
                                       Dividends
                                      Form 8615, Tax for Certain Children Who Have Investment
Filing Options                         Income of More Than $1,900

Forms & Pubs                    Back to Top

Frequently Asked Questions

News

Taxpayer Advocate

Where to File

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:26
posted:3/29/2013
language:
pages:2
Description: Tax Rules for Children Who Have Investment Income