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Late 2010 Taxes

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Late 2010 Taxes

Late 2010 taxes 31. Late 2010 taxes   Tax on Unearned Income of Certain Children Table of Contents What's New Introduction Useful Items - You may want to see: Which Parent's Return To UseParents Who Do Not File a Joint Return Parent's Election To Report Child's Interest and DividendsEffect of Making the Election Figuring Child's Income Figuring Additional Tax Tax for Certain Children Who Have Unearned IncomeProviding Parental Information (Form 8615, lines A–C) Step 1. Late 2010 taxes Figuring the Child's Net Unearned Income (Form 8615, Part I) Step 2. Late 2010 taxes Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) Step 3. Late 2010 taxes Figuring the Child's Tax (Form 8615, Part III) What's New Net Investment Income Tax. Late 2010 taxes . Late 2010 taxes  For tax years beginning after December 31, 2012, a child whose tax is figured on Form 8615 may be subject to the Net Investment Income Tax (NIIT). Late 2010 taxes NIIT is a 3. Late 2010 taxes 8% tax on the lesser of the net investment income or the excess of the child's modified adjusted gross income (MAGI) over the threshold amount. Late 2010 taxes Use Form 8960, Net Investment Income Tax, to figure this tax. Late 2010 taxes For more information on NIIT, go to www. Late 2010 taxes irs. Late 2010 taxes gov and enter “Net Investment Income Tax” in the search box. Late 2010 taxes Introduction This chapter discusses the following two rules that may affect the tax on unearned income of certain children. Late 2010 taxes If the child's interest and dividend income (including capital gain distributions) total less than $10,000, the child's parent may be able to choose to include that income on the parent's return rather than file a return for the child. Late 2010 taxes (See Parent's Election To Report Child's Interest and Dividends , later. Late 2010 taxes ) If the child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. Late 2010 taxes (See Tax for Certain Children Who Have Unearned Income , later. Late 2010 taxes ) For these rules, the term “child” includes a legally adopted child and a stepchild. Late 2010 taxes These rules apply whether or not the child is a dependent. Late 2010 taxes Useful Items - You may want to see: Publication 929 Tax Rules for Children and Dependents Form (and Instructions) 8615 Tax for Certain Children Who Have Unearned Income 8814 Parents' Election To Report Child's Interest and Dividends Which Parent's Return To Use If a child's parents are married to each other and file a joint return, use the joint return to figure the tax on the child's unearned income. Late 2010 taxes The tax rate and other return information from that return are used to figure the child's tax as explained later under Tax for Certain Children Who Have Unearned Income . Late 2010 taxes Parents Who Do Not File a Joint Return For parents who do not file a joint return, the following discussions explain which parent's tax return must be used to figure the tax. Late 2010 taxes Only the parent whose tax return is used can make the election described under Parent's Election To Report Child's Interest and Dividends . Late 2010 taxes Parents are married. Late 2010 taxes   If the child's parents file separate returns, use the return of the parent with the greater taxable income. Late 2010 taxes Parents not living together. Late 2010 taxes   If the child's parents are married to each other but not living together, and the parent with whom the child lives (the custodial parent) is considered unmarried, use the return of the custodial parent. Late 2010 taxes If the custodial parent is not considered unmarried, use the return of the parent with the greater taxable income. Late 2010 taxes   For an explanation of when a married person living apart from his or her spouse is considered unmarried, see Head of Household in chapter 2. Late 2010 taxes Parents are divorced. Late 2010 taxes   If the child's parents are divorced or legally separated, and the parent who had custody of the child for the greater part of the year (the custodial parent) has not remarried, use the return of the custodial parent. Late 2010 taxes Custodial parent remarried. Late 2010 taxes   If the custodial parent has remarried, the stepparent (rather than the noncustodial parent) is treated as the child's other parent. Late 2010 taxes Therefore, if the custodial parent and the stepparent file a joint return, use that joint return. Late 2010 taxes Do not use the return of the noncustodial parent. Late 2010 taxes   If the custodial parent and the stepparent are married, but file separate returns, use the return of the one with the greater taxable income. Late 2010 taxes If the custodial parent and the stepparent are married but not living together, the earlier discussion under Parents not living together applies. Late 2010 taxes Parents never married. Late 2010 taxes   If a child's parents have never been married to each other, but lived together all year, use the return of the parent with the greater taxable income. Late 2010 taxes If the parents did not live together all year, the rules explained earlier under Parents are divorced apply. Late 2010 taxes Widowed parent remarried. Late 2010 taxes   If a widow or widower remarries, the new spouse is treated as the child's other parent. Late 2010 taxes The rules explained earlier under Custodial parent remarried apply. Late 2010 taxes Parent's Election To Report Child's Interest and Dividends You may be able to elect to include your child's interest and dividend income (including capital gain distributions) on your tax return. Late 2010 taxes If you do, your child will not have to file a return. Late 2010 taxes You can make this election only if all the following conditions are met. Late 2010 taxes Your child was under age 19 (or under age 24 if a full-time student) at the end of the year. Late 2010 taxes Your child had income only from interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends). Late 2010 taxes The child's gross income was less than $10,000. Late 2010 taxes The child is required to file a return unless you make this election. Late 2010 taxes The child does not file a joint return for the year. Late 2010 taxes No estimated tax payment was made for the year, and no overpayment from the previous year (or from any amended return) was applied to this year under your child's name and social security number. Late 2010 taxes No federal income tax was taken out of your child's income under the backup withholding rules. Late 2010 taxes You are the parent whose return must be used when applying the special tax rules for children. Late 2010 taxes (See Which Parent's Return To Use , earlier. Late 2010 taxes ) These conditions are also shown in Figure 31-A. Late 2010 taxes Certain January 1 birthdays. Late 2010 taxes   A child born on January 1, 1995, is considered to be age 19 at the end of 2013. Late 2010 taxes You cannot make this election for such a child unless the child was a full-time student. Late 2010 taxes   A child born on January 1, 1990, is considered to be age 24 at the end of 2013. Late 2010 taxes You cannot make this election for such a child. Late 2010 taxes Full-time student. Late 2010 taxes   A full-time student is a child who during some part of each of any 5 calendar months of the year was enrolled as a full-time student at a school, or took a full-time on-farm training course given by a school or a state, county, or local government agency. Late 2010 taxes A school includes a technical, trade, or mechanical school. Late 2010 taxes It does not include an on-the-job training course, correspondence school, or school offering courses only through the Internet. Late 2010 taxes How to make the election. Late 2010 taxes   Make the election by attaching Form 8814 to your Form 1040. Late 2010 taxes (If you make this election, you cannot file Form 1040A or Form 1040EZ. Late 2010 taxes ) Attach a separate Form 8814 for each child for whom you make the election. Late 2010 taxes You can make the election for one or more children and not for others. Late 2010 taxes Effect of Making the Election The federal income tax on your child's income may be more if you make the Form 8814 election. Late 2010 taxes Rate may be higher. Late 2010 taxes   If your child received qualified dividends or capital gain distributions, you may pay up to $100 more tax if you make this election instead of filing a separate tax return for the child. Late 2010 taxes This is because the tax rate on the child's income between $1,000 and $2,000 is 10% if you make this election. Late 2010 taxes However, if you file a separate return for the child, the tax rate may be as low as 0% (zero percent) because of the preferential tax rates for qualified dividends and capital gain distributions. Late 2010 taxes Deductions you cannot take. Late 2010 taxes   By making the Form 8814 election, you cannot take any of the following deductions that the child would be entitled to on his or her return. Late 2010 taxes The additional standard deduction if the child is blind. Late 2010 taxes The deduction for a penalty on an early withdrawal of your child's savings. Late 2010 taxes Itemized deductions (such as your child's investment expenses or charitable contributions). Late 2010 taxes Reduced deductions or credits. Late 2010 taxes   If you use Form 8814, your increased adjusted gross income may reduce certain deductions or credits on your return including the following. Late 2010 taxes Deduction for contributions to a traditional individual retirement arrangement (IRA). Late 2010 taxes Deduction for student loan interest. Late 2010 taxes Itemized deductions for medical expenses, casualty and theft losses, and certain miscellaneous expenses. Late 2010 taxes Credit for child and dependent care expenses. Late 2010 taxes Child tax credit. Late 2010 taxes Education tax credits. Late 2010 taxes Earned income credit. Late 2010 taxes Penalty for underpayment of estimated tax. Late 2010 taxes   If you make this election for 2013 and did not have enough tax withheld or pay enough estimated tax to cover the tax you owe, you may be subject to a penalty. Late 2010 taxes If you plan to make this election for 2014, you may need to increase your federal income tax withholding or your estimated tax payments to avoid the penalty. Late 2010 taxes See chapter 4 for more information. Late 2010 taxes Figuring Child's Income Use Form 8814, Part I, to figure your child's interest and dividend income to report on your return. Late 2010 taxes Only the amount over $2,000 is added to your income. Late 2010 taxes The amount over $2,000 is shown on Form 8814, line 6. Late 2010 taxes Unless the child's income includes qualified dividends or capital gain distributions (discussed next), the same amount is shown on Form 8814, line 12. Late 2010 taxes Include the amount from Form 8814, line 12, on Form 1040, line 21. Late 2010 taxes Enter “Form 8814” on the dotted line next to line 21. Late 2010 taxes If you file more than one Form 8814, include the total amounts from line 12 of all your Forms 8814 on Form 1040, line 21. Late 2010 taxes Capital gain distributions and qualified dividends. Late 2010 taxes   If your child's dividend income included any capital gain distributions, see Capital gain distributions under Figuring Child's Income in Publication 929, Part 2. Late 2010 taxes If your child's dividend income included any qualified dividends, see Qualified dividends under Figuring Child's Income in Publication 929, Part 2. Late 2010 taxes Figuring Additional Tax Use Form 8814, Part II, to figure the tax on the $2,000 of your child's interest and dividends that you do not include in your income. Late 2010 taxes This tax is added to the tax figured on your income. Late 2010 taxes This additional tax is the smaller of: 10% × (your child's gross income − $1,000), or $100. Late 2010 taxes Include the amount from line 15 of all your Forms 8814 in the total on Form 1040, line 44. Late 2010 taxes Check box a on Form 1040, line 44. Late 2010 taxes Figure 31-A. Late 2010 taxes Can You Include Your Child's Income On Your Tax Return? Please click here for the text description of the image. Late 2010 taxes Figure 31–A. Late 2010 taxes Can You Include Your Child's Income On Your Tax Return? Tax for Certain Children Who Have Unearned Income If a child's interest, dividends, and other unearned income total more than $2,000, part of that income may be taxed at the parent's tax rate instead of the child's tax rate. Late 2010 taxes If the parent does not or cannot choose to include the child's income on the parent's return, use Form 8615 to figure the child's tax. Late 2010 taxes Attach the completed form to the child's Form 1040 or Form 1040A. Late 2010 taxes When Form 8615 must be filed. Late 2010 taxes   Form 8615 must be filed for a child if all of the following statements are true. Late 2010 taxes The child's investment income was more than $2,000. Late 2010 taxes The child is required to file a return for 2013. Late 2010 taxes The child either: Was under age 18 at the end of the year, Was age 18 at the end of the year and did not have earned income that was more than half of his or her support, or Was over age 18 and under age 24 at the end of the year, was a full-time student, and did not have earned income that was more than half of his or her support. Late 2010 taxes At least one of the child's parents was alive at the end of 2013. Late 2010 taxes The child does not file a joint return for 2013. Late 2010 taxes These conditions are also shown in  Figure 31-B. Late 2010 taxes Earned income. Late 2010 taxes   Earned income includes salaries, wages, tips, and other payments received for personal services performed. Late 2010 taxes It does not include unearned income as defined later in this chapter. Late 2010 taxes Support. Late 2010 taxes   Your child's support includes all amounts spent to provide the child with food, lodging, clothing, education, medical and dental care, recreation, transportation, and similar necessities. Late 2010 taxes To figure your child's support, count support provided by you, your child, and others. Late 2010 taxes However, a scholarship received by your child is not considered support if your child is a full-time student. Late 2010 taxes See chapter 3 for details about support. Late 2010 taxes Certain January 1 birthdays. Late 2010 taxes   Use the following chart to determine whether certain children with January 1 birthdays meet condition 3 under When Form 8615 must be filed. Late 2010 taxes Figure 31-B. Late 2010 taxes Do You Have To Use Form 8615 To Figure Your Child's Tax? Please click here for the text description of the image. Late 2010 taxes Figure 31-B. Late 2010 taxes Do You Have To Use Form 8615 To Figure Your Child's Tax?    IF a child was born on. Late 2010 taxes . Late 2010 taxes . Late 2010 taxes THEN, at the end of 2013, the child is considered to be. Late 2010 taxes . Late 2010 taxes . Late 2010 taxes January 1, 1996 18* January 1, 1995 19** January 1, 1990 24*** *This child is not under age 18. Late 2010 taxes The child meets condition 3 only if the child did not have earned income that was more than half of the child's support. Late 2010 taxes  **This child meets condition 3 only if the child was a full-time student who did not have earned income that was more than half of the child's support. Late 2010 taxes  ***Do not use Form 8615 for this child. Late 2010 taxes Providing Parental Information (Form 8615, lines A–C) On Form 8615, lines A and B, enter the parent's name and social security number. Late 2010 taxes (If the parents filed a joint return, enter the name and social security number listed first on the joint return. Late 2010 taxes ) On line C, check the box for the parent's filing status. Late 2010 taxes See Which Parent's Return To Use at the beginning of this chapter for information on which parent's return information must be used on Form 8615. Late 2010 taxes Parent with different tax year. Late 2010 taxes   If the parent and the child do not have the same tax year, complete Form 8615 using the information on the parent's return for the tax year that ends in the child's tax year. Late 2010 taxes Parent's return information not known timely. Late 2010 taxes   If the information needed from the parent's return is not known by the time the child's return is due (usually April 15), you can file the return using estimates. Late 2010 taxes   You can use any reasonable estimate. Late 2010 taxes This includes using information from last year's return. Late 2010 taxes If you use an estimated amount on Form 8615, enter “Estimated” on the line next to the amount. Late 2010 taxes    When you get the correct information, file an amended return on Form 1040X, Amended U. Late 2010 taxes S. Late 2010 taxes Individual Income Tax Return. Late 2010 taxes   Instead of using estimates, you can get an automatic 6-month extension of time to file if, by the date your return is due, you file Form 4868, Application for Automatic Extension of Time To File U. Late 2010 taxes S. Late 2010 taxes Individual Income Tax Return. Late 2010 taxes Extensions are discussed in chapter 1. Late 2010 taxes Step 1. Late 2010 taxes Figuring the Child's Net Unearned Income (Form 8615, Part I) The first step in figuring a child's tax using Form 8615 is to figure the child's net unearned income. Late 2010 taxes To do that, use Form 8615, Part I. Late 2010 taxes Line 1 (unearned income). Late 2010 taxes   If the child had no earned income, enter on this line the adjusted gross income shown on the child's return. Late 2010 taxes Adjusted gross income is shown on Form 1040, line 38, or Form 1040A, line 22. Late 2010 taxes Form 1040EZ cannot be used if Form 8615 must be filed. Late 2010 taxes   If the child had earned income, figure the amount to enter on Form 8615, line 1, by using the worksheet in the instructions for the form. Late 2010 taxes   However, if the child has: excluded any foreign earned income, deducted either a loss from self-employment, or deducted a net operating loss from another year, then use the Alternate Worksheet for Form 8615, Line 1, in Publication 929 to figure the amount to enter on Form 8615, line 1. Late 2010 taxes Unearned income defined. Late 2010 taxes   Unearned income is generally all income other than salaries, wages, and other amounts received as pay for work actually done. Late 2010 taxes It includes taxable interest, dividends (including capital gain distributions), capital gains, unemployment compensation, the taxable part of social security and pension payments, and certain distributions from trusts. Late 2010 taxes Unearned income includes amounts produced by assets the child obtained with earned income (such as interest on a savings account into which the child deposited wages). Late 2010 taxes Nontaxable income. Late 2010 taxes   For this purpose, unearned income includes only amounts the child must include in total income. Late 2010 taxes Nontaxable unearned income, such as tax-exempt interest and the nontaxable part of social security and pension payments, is not included. Late 2010 taxes Income from property received as a gift. Late 2010 taxes   A child's unearned income includes all income produced by property belonging to the child. Late 2010 taxes This is true even if the property was transferred to the child, regardless of when the property was transferred or purchased or who transferred it. Late 2010 taxes   A child's unearned income includes income produced by property given as a gift to the child. Late 2010 taxes This includes gifts to the child from grandparents or any other person and gifts made under the Uniform Gift to Minors Act. Late 2010 taxes Example. Late 2010 taxes Amanda Black, age 13, received the following income. Late 2010 taxes Dividends — $800 Wages — $2,100 Taxable interest — $1,200 Tax-exempt interest — $100 Net capital gains — $100 The dividends were qualified dividends on stock given to her by her grandparents. Late 2010 taxes Amanda's unearned income is $2,100. Late 2010 taxes This is the total of the dividends ($800), taxable interest ($1,200), and net capital gains ($100). Late 2010 taxes Her wages are earned (not unearned) income because they are received for work actually done. Late 2010 taxes Her tax-exempt interest is not included because it is nontaxable. Late 2010 taxes Trust income. Late 2010 taxes   If a child is the beneficiary of a trust, distributions of taxable interest, dividends, capital gains, and other unearned income from the trust are unearned income to the child. Late 2010 taxes   However, for purposes of completing Form 8615, a taxable distribution from a qualified disability trust is considered earned income, not unearned income. Late 2010 taxes Line 2 (deductions). Late 2010 taxes   If the child does not itemize deductions on Schedule A (Form 1040), enter $2,000 on line 2. Late 2010 taxes   If the child does itemize deductions, enter on line 2 the larger of: $1,000 plus the portion of the child's itemized deductions on Schedule A (Form 1040), line 29, that are directly connected with the production of unearned income entered on line 1, or $2,000. Late 2010 taxes Directly connected. Late 2010 taxes   Itemized deductions are directly connected with the production of unearned income if they are for expenses paid to produce or collect taxable income or to manage, conserve, or maintain property held for producing income. Late 2010 taxes These expenses include custodian fees and service charges, service fees to collect taxable interest and dividends, and certain investment counsel fees. Late 2010 taxes   These expenses are added to certain other miscellaneous itemized deductions on Schedule A (Form 1040). Late 2010 taxes Only the amount greater than 2% of the child's adjusted gross income can be deducted. Late 2010 taxes See chapter 28 for more information. Late 2010 taxes Example 1. Late 2010 taxes Roger, age 12, has unearned income of $8,000, no other income, no adjustments to income, and itemized deductions of $300 (net of the 2% limit) that are directly connected with his unearned income. Late 2010 taxes His adjusted gross income is $8,000, which is entered on Form 1040, line 38, and on Form 8615, line 1. Late 2010 taxes Roger enters $2,000 on line 2 because that is more than the total of $1,000 plus his directly connected itemized deductions of $300. Late 2010 taxes Example 2. Late 2010 taxes Eleanor, age 8, has unearned income of $16,000 and an early withdrawal penalty of $100. Late 2010 taxes She has no other income. Late 2010 taxes She has itemized deductions of $1,050 (net of the 2% limit) that are directly connected with the production of her unearned income. Late 2010 taxes Her adjusted gross income, entered on line 1, is $15,900 ($16,000 − $100). Late 2010 taxes The amount on line 2 is $2,050. Late 2010 taxes This is the larger of: $1,000 plus the $1,050 of directly connected itemized deductions, or $2,000. Late 2010 taxes Line 3. Late 2010 taxes   Subtract line 2 from line 1 and enter the result on this line. Late 2010 taxes If zero or less, do not complete the rest of the form. Late 2010 taxes However, you must still attach Form 8615 to the child's tax return. Late 2010 taxes Figure the tax on the child's taxable income in the normal manner. Late 2010 taxes Line 4 (child's taxable income). Late 2010 taxes   Enter on line 4 the child's taxable income from Form 1040, line 43, or Form 1040A, line 27. Late 2010 taxes   However, if the child files Form 2555 or 2555-EZ to claim the foreign earned income exclusion, housing exclusion, or housing deduction, see the Form 8615 instructions or Pub. Late 2010 taxes 929. Late 2010 taxes Line 5 (net unearned income). Late 2010 taxes   A child's net unearned income cannot be more than his or her taxable income. Late 2010 taxes Enter on Form 8615, line 5, the smaller of line 3 or line 4. Late 2010 taxes This is the child's net unearned income. Late 2010 taxes   If zero or less, do not complete the rest of the form. Late 2010 taxes However, you must still attach Form 8615 to the child's tax return. Late 2010 taxes Figure the tax on the child's taxable income in the normal manner. Late 2010 taxes Step 2. Late 2010 taxes Figuring Tentative Tax at the Parent's Tax Rate (Form 8615, Part II) The next step in completing Form 8615 is to figure a tentative tax on the child's net unearned income at the parent's tax rate. Late 2010 taxes The tentative tax at the parent's tax rate is the difference between the tax on the parent's taxable income figured with the child's net unearned income (plus the net unearned income of any other child whose Form 8615 includes the tax return information of that parent) and the tax figured without it. Late 2010 taxes When figuring the tentative tax at the parent's tax rate on Form 8615, do not refigure any of the exclusions, deductions, or credits on the parent's return because of the child's net unearned income. Late 2010 taxes For example, do not refigure the medical expense deduction. Late 2010 taxes Figure the tentative tax on Form 8615, lines 6 through 13. Late 2010 taxes Note. Late 2010 taxes If the child or parent has any capital gains or losses, get Publication 929 for help in completing Form 8615, Part II. Late 2010 taxes Line 6 (parent's taxable income). Late 2010 taxes   Enter on line 6 the parent's taxable income from Form 1040, line 43, Form 1040A, line 27, or Form 1040EZ, line 6. Late 2010 taxes   If the Foreign Earned Income Tax Worksheet (in the Form 1040 instructions) was used to figure the parent's tax, enter the amount from line 3 of that worksheet instead of the parent's taxable income. Late 2010 taxes Line 7 (net unearned income of other children). Late 2010 taxes   If the tax return information of the parent is also used on any other child's Form 8615, enter on line 7 the total of the amounts from line 5 of all the other children's Forms 8615. Late 2010 taxes Do not include the amount from line 5 of the Form 8615 being completed. Late 2010 taxes Example. Late 2010 taxes Paul and Jane Persimmon have three children, Sharon, Jerry, and Mike, who must attach Form 8615 to their tax returns. Late 2010 taxes The children's net unearned income amounts on line 5 of their Forms 8615 are: Sharon — $800 Jerry — $600 Mike — $1,000 Line 7 of Sharon's Form 8615 will show $1,600, the total of the amounts on line 5 of Jerry's and Mike's Forms 8615. Late 2010 taxes Line 7 of Jerry's Form 8615 will show $1,800 ($800 + $1,000). Late 2010 taxes Line 7 of Mike's Form 8615 will show $1,400 ($800 + $600). Late 2010 taxes Other children's information not available. Late 2010 taxes   If the net unearned income of the other children is not available when the return is due, either file the return using estimates or get an extension of time to file. Late 2010 taxes See Parent's return information not known timely , earlier. Late 2010 taxes Line 11 (tentative tax). Late 2010 taxes   Subtract line 10 from line 9 and enter the result on this line. Late 2010 taxes This is the tentative tax. Late 2010 taxes   If line 7 is blank, skip lines 12a and 12b and enter the amount from line 11 on line 13. Late 2010 taxes Also skip the discussion for lines 12a and 12b that follows. Late 2010 taxes Lines 12a and 12b (dividing the tentative tax). Late 2010 taxes   If an amount is entered on line 7, divide the tentative tax shown on line 11 among the children according to each child's share of the total net unearned income. Late 2010 taxes This is done on lines 12a, 12b, and 13. Late 2010 taxes Add the amount on line 7 to the amount on line 5 and enter the total on line 12a. Late 2010 taxes Divide the amount on line 5 by the amount on line 12a and enter the result, as a decimal, on line 12b. Late 2010 taxes Example. Late 2010 taxes In the earlier example under Line 7 (net unearned income of other children), Sharon's Form 8615 shows $1,600 on line 7. Late 2010 taxes The amount entered on line 12a is $2,400, the total of the amounts on lines 5 and 7 ($800 + $1,600). Late 2010 taxes The decimal on line 12b is  . Late 2010 taxes 333, figured as follows and rounded to three places. Late 2010 taxes   $800 = . Late 2010 taxes 333     $2,400   Step 3. Late 2010 taxes Figuring the Child's Tax (Form 8615, Part III) The final step in figuring a child's tax using Form 8615 is to determine the larger of: The total of: The child's share of the tentative tax based on the parent's tax rate, plus The tax on the child's taxable income in excess of net unearned income, figured at the child's tax rate, or The tax on the child's taxable income, figured at the child's tax rate. Late 2010 taxes This is the child's tax. Late 2010 taxes It is figured on Form 8615, lines 14 through 18. Late 2010 taxes Alternative minimum tax. Late 2010 taxes   A child may be subject to alternative minimum tax (AMT) if he or she has certain items given preferential treatment under the tax law. Late 2010 taxes See Alternative Minimum Tax (AMT) in chapter 30. Late 2010 taxes    For more information on who is liable for AMT and how to figure it, see Form 6251, Alternative Minimum Tax—Individuals. Late 2010 taxes For information on special limits that apply to a child who files Form 6251, see Certain Children Under Age 24 in the Instructions for Form 6251. Late 2010 taxes Prev  Up  Next   Home   More Online Publications
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The Late 2010 Taxes

Late 2010 taxes Publication 584SP - Introductory Material Table of Contents Qué Hay de Nuevo Introduction Qué Hay de Nuevo Acontecimientos futuros. Late 2010 taxes  El IRS ha diseñado una página en el Internet, www. Late 2010 taxes irs. Late 2010 taxes gov/pub584sp, que incluye información sobre la Publicación 584(SP). Late 2010 taxes Toda información sobre desarrollos futuros que afecten la Publicación 584(SP) (como legislación aprobada después de que la publicación haya sido publicada) será anunciada en esta página. Late 2010 taxes Introduction Este registro se ha creado para ayudarlo a determinar la cantidad de una pérdida ocasionada por un desastre, hecho fortuito o robo que esté relacionada con propiedad de uso personal. Late 2010 taxes Contiene anexos para ayudarlo a calcular el valor de la pérdida de su residencia principal, de toda propiedad contenida dentro de la misma y de sus vehículos motorizados. Late 2010 taxes Sin embargo, estos anexos sólo son para su información. Late 2010 taxes Tiene que completar el Formulario 4684, Casualties and Thefts (Hechos Fortuitos y Robos), en inglés, para declarar su pérdida. Late 2010 taxes Prev  Up  Next   Home   More Online Publications