moshe
Level 3
12-06-2019
05:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Proseries 2018 is not calculating "kiddie tax" at the new 24% trust rate for children being claimed by their parents. Rather it is calculating it at ordinary income rate of 10%. Put in an example of $5000 interest on schedule b, and you will see what I mean.
Solved! Go to Solution.
Labels
TaxGuyBill
Level 15
12-06-2019
05:58 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The software is pretty much useless at this point. Most things won't be updated for 2018 tax law until at least mid December. If it isn't calculating correctly yet, just be patient.
As a side note, the Kiddie Tax can even apply if the child is not claimed by his/her parents.
