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.
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
