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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 77204  
Subject: Re: IRA for 13 yr. old Date: 8/8/1999 4:40 PM
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Joanna asks:

<<My mom says that there is a place on the tax forms that a person can deduct child care expenses, which is what I do for them. So aren't they going to turn my name into the IRS anyway?>>

If audited and asked to justify the deduction, than yes they will. That, in turn, would mean you should have reported that income, paid all applicable FICA and other taxes, etc. It sounds to me as if you meet the criteria for self-employment for income tax filing purposes. However, I'm not the tax guru in Fooldom and hesitate to say you must do so. Your income is probably still too low to require income tax filing. Thus, if you don't have to at this stage, why do so? The other tax expenses would eat into that income too much. I'd be tempted to let it ride, but again I'm not the expert on that subject.

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