Your six year old daughter will need to file an income tax return (you file for her), or you will need to claim her income on your return, if she has over $700 in taxable income for the year (year 2000 numbers). The first $700 is not taxed, the next $700 is taxed at 15%, and the remainder is taxed at your tax rate, even if she files her own return. That's the basics. See a tax professional for details (support your local tax pro!!) Hope this helps. (This is U.S. tax stuff, in case you're from out of the U.S. and think I'm nuts.)
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Rat