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Kiddie tax error

moshe
Level 2

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.

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TaxGuyBill
Level 15

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.

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TaxGuyBill
Level 15

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.

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