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Financial Planning / Tax Strategies
|Subject: Re: Loss of Job||Date: 1/26/2006 1:20 PM|
|Author: Wradical||Number: 83039 of 124834|
(rad:)This parent's view - better to have separate returns - clearly shows whose money is whose, particularly if you have more than one child. It's also easier when you would have to move to a separate return anyway. Separate files with all the documentation as well.
Yes, you certainly should have separate files, to show whose money is whose. That's always true. And when you make the election to pick up the kid's income, you do it on Form 8814, (I think)which is the equivalent of waving a flag about whose income it is.
I never did it myself either. But for the parents to pick up the kid's income, under age 14, is a legal option that some people have found advantageous.
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