income is income whether you have a job or not. :SIB do whatever you can to avoid having the IRS audit you cause they will find more than you imagine. :sadwave:
Tax Question ?
- Thread starter vinnie
- Start date
I know the income has to be filed :shrug:
but
Can I file a separate tax return for a minor with investment income only & no job related income or do I need to put it on my return ?
I can file a separate return :00hour
Ziggy has to check the box on his return indicating that someone else can claim him as a dependent
and you've got to file a schedule saying Ziggy has a return. You're gonna get the $1,400 taxed at a lower rate than you pay - so top savings is $300 and you've triggered an audit flag, so I'd just go ahead and do it on your return, but that's just me
It's way more than $1400 :sadwave:
Are they going to want Ziggy at the audit ? :scared....... kurby
Sorry - don't know where the $1,400 came from - if it's worth it, then do it.
Good luck with that
:142smilie
Good luck with that
:142smilie
someone i knew is/was a financial planner/broker during the boom years... he would skim the pot off his clients largess...and hide income everywhere he could ie. father, mother, even with his underage daughter...:nono: 500k per year income..long story short, he got busted/ labelled a white collar criminal, IRS did searches years later and consequently he spent three years in jail. he lost his license and is dead broke right now. :sadwave: :sadwave: :sadwave:
this is not your situation, but shows what can happen if you play too many games with IRS.
hope this helps...:142smilie
this is not your situation, but shows what can happen if you play too many games with IRS.
hope this helps...:142smilie
& the answer is
You should run the numbers on Form 8615 and Form 8814 to guarantee that you, and your child, pay the least possible tax on the youngster's investment earnings.
remember Vinnie is always here to help !
even if he has to find the answer to his own question :142smilie
You should run the numbers on Form 8615 and Form 8814 to guarantee that you, and your child, pay the least possible tax on the youngster's investment earnings.
remember Vinnie is always here to help !
even if he has to find the answer to his own question :142smilie
Thanks, Vinnie. The first place I go for answers to
my tax questions is a gambling forum. That damn
irs.gov site has too many rules and shit.
my tax questions is a gambling forum. That damn
irs.gov site has too many rules and shit.
