Kiddie Tax Q

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  • Hoosier
    Senior Member
    • Apr 2006
    • 178
    #1

    Kiddie Tax Q

    Got a client whose child had $2500 in interest income for 2008. This was the child's only income. Since the child's standard deduction is higher than the investment income is filing a tax return and form 8615 necessary? Already filed the parent's tax return last month and just found out about the child's interest income. Any advice or suggestions? Thanks.
    Tags: None
    • Lion
      Senior Member
      • Jun 2005
      • 4698
      #2
      Dependent

      Dependent's standard deduction is the greater of $900 or earned income plus $300, up to regular standard deduction, per TTB. File a return w/kiddie tax and be happy he doesn't have siblings.

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