2007-01-24 03:23:50 · 10 answers · asked by lanae2971 2 in Business & Finance ➔ Taxes ➔ United States
jseah114 is almost right. If it's not being claimed on your return, she isn't required to file her own return if $100 was her only income. And the age limit now is 18, not 14.
Skip is real close too - the limit for the "Kiddie Tax" has been increased to $1700. See IRS Publication 17.
In any case, for $100 if that was her only income, nothing has to be filed no matter how old she is, or what the source of the income was.
2007-01-24 03:59:47 · answer #1 · answered by Judy 7 · 1⤊ 1⤋
the parent with whom the child spends the majority 'nites' with claims the child's exemption when there is a problem determining which parent has the majority, the parent with the higher income claims the child allowing him to stay with you if this was for a good part of the year and he made more than you, you just cut your own throat on that one you might have to prove to IRS you were eligible to claim the child and as for the money you are out for helping him, take him to small claims court
2016-05-24 04:18:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If it was only $100, you need not claim it on your taxes. The Kiddie Tax does not kick in till $850.
2007-01-24 03:34:56 · answer #3 · answered by skip 6 · 4⤊ 0⤋
No, unless the minimum has changed, you don't have to report earnings up to $600 for an entire year. (minor or not)
and this income needs to be reported on a W-2. If it was cash, there's no record of it and 'should' be reported, but there no way for the gov't to enforce that.
2007-01-24 03:34:22 · answer #4 · answered by burkejon 2 · 1⤊ 0⤋
If your daughter is 14 or younger, and the $100 is earned from interest or dividends, then you can elect to report the income on your tax return using Form 8814. Otherwise, she will need to file her own return.
2007-01-24 03:29:01 · answer #5 · answered by jseah114 6 · 1⤊ 1⤋
How old was your daughter in 2006?, did she make the 100.00 on investment income? If it was earnings, she can file her own EZ without claiming herself...... Really need more info.
Good Luck & Blessings
2007-01-24 03:27:51 · answer #6 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 1⤋
was it paid in cash, if so no need to report
if she received a W2 then file her seperate
2007-01-24 03:29:21 · answer #7 · answered by Anonymous · 0⤊ 1⤋
who's SS is it listed under. If it is her's it's HER income
2007-01-24 03:55:11 · answer #8 · answered by Dizney 5 · 0⤊ 0⤋
not if she did it illegally like selling drugs or prostitution
2007-01-24 03:32:02 · answer #9 · answered by Ivan 1 · 0⤊ 2⤋
NO, SHAME on YOU!
2007-01-24 03:32:07 · answer #10 · answered by GRUMPY 7 · 0⤊ 0⤋