Kiddie Tax and Child Income Kiddie Tax and Child Income Don Fitch CPA CITP (877)CPA-Help or (877)272-4357 Website www.Paylesstax.com

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Children's Income/Kiddie Tax

KIDDIE TAX - OVERVIEW

The tax incentives to shift income from a parent to a minor child were virtually eliminated by the Tax Reform Act of 1986, Pub. L. 99-514. At that time, the Code was amended to provide that, with respect to a child under age 14, the unearned income of such child over a specified minimum
amount is taxed at his parent's highest marginal rate if this results in a higher tax than at the child's rate (referred to as the "kiddie tax"). In addition, a child who is claimed as a dependent on his parents' return cannot claim a personal exemption on his return and is permitted only a limited standard deduction. Moreover, a child who is subject to the kiddie tax may also be subject to special rules for applying the alternative minimum tax (AMT).

Kiddie Tax and Child Income Don Fitch CPA CITP (877)CPA-Help or (877)272-4357 Website www.Paylesstax.com