The Kiddie tax applies to you if you are required to file a tax return for the year and your:
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Unearned Income is more than $2,200
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Your Age is:
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Under 18 at the end of the tax year, or
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18 at the end of the tax year and have earned income that is less than 1/2 of your support, or
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19 to 23 Full time student at the end of the tax year and you have earned income less than 1/2 of your support.
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Parents – At least one was alive at the end of the tax year.
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Filing Status is anything other than Joint.
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This is general information and should not be relied upon to evaluate or prepare you tax return. Instead, please use the above information as a resource to help you discuss your tax picture with your tax preparer.
(c) 2020 Simoncpa, PC
