I have a client who is 23 years old and filing his tax return. He is not a dependent of anyone. Besides his wages he has dividends, pension withdrawals and capital gains all totaling about $9,000. The program generates a Form 8615, which considers him a child. Does he have to file this form? I have read the instructions and it speaks of child. He is on his own.
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The Instructions (and Tax Code) are pretty clear that YES, it could apply to him (assuming he is a full-time student).
If it he is "on his own", you need to determine if he provided over 1/2 of his own support with EARNED income.
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Not enough information to answer your question. For starters, you need to figure out his total cost of support, and then compare that number to his earned income (regardless of whether or not his earned income was spent on support). There are other conditions that determine the outcome. The answers can be found in the form instructions, or in TheTaxBook, but maybe if you post more information someone here will look it up for you."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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His wages were $56,000 and he is not a student. He provided more than half of his support.Comment
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OK, so no kiddie tax. My tax software has an input field to indicate whether or not a taxpayer between ages of 18 and 23 inclusive is subject to kiddie tax rules, maybe yours does too.Originally posted by S&D Associates View Post"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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