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REPEAL OF KIDDY TAX

Level 1

MY CLIENT HAS A SON AGE 21 AND NOT A STUDENT, HE LIVES AT HOME  AND HAD

EARNED INCOME OF $4500.00 AND REINVESTED DIVIDENDS OF $47000.00. IF MOM AND DAD CLAIM  HIM THEY GET $500 TAX CREDIT. I HE CLAIMS HIMSELF HIS TAX IS REDUCED BY

$1000.00. WHAT IS THE PROPER WAY TO REPORT, CLAIM HIMSELF AND GET $12000.

STANDARD DEDUCTION OR PARENTS CLAIM HIM?

 

 

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Level 15
Level 15

If hes 21 and isnt a student then his income is too high for parents to claim him...that takes away one of your options.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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1 Reply 1
Level 15
Level 15

If hes 21 and isnt a student then his income is too high for parents to claim him...that takes away one of your options.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post