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Financial Planning / Tax Strategies


Subject:  Re: Loss of Job Date:  1/26/2006  6:16 PM
Author:  irasmilo Number:  83057 of 127613

I've also seen all the income reported on the parent's return when the parents don't want to reveal their income to their children. The parents' taxable income must be reported on Form 8615 when the "kiddie tax" is calculated.

Interesting point. Thinking further, this can only happen through age 13 and the parent is still responsible for signing and filing the return. Are they somehow required to show it to their kids ?

Actually, the parent is not responsible for signing the return, the child is. The instructions state, "If the child can't sign the return, either parent can sign the child's name in the space provided. Then, enter 'By (your signature), parent of minor child.'" So, if the child is capable of signing her/his name, s/he gets to see the parents' taxable income.

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