Parents may not realize that there are tax rules that may affect their child's investment income. The IRS offers the following four facts to help parents determine whether their child's investment income will be taxed at the parents' rate or the child's rate.
More information can be found in IRS Publication 929, Tax Rules for Children and Dependents. This publication and Forms 8615 and 8814 are available on this website or by calling 800-TAX-FORM (800-829-3676).
Both TaxACT Free Edition and Deluxe include Forms 8615 and 8814. Start your TaxACT Online return now for step-by-step guidance.
December 10 (Employees who work for tips)
If you received $20 or more in tips during November, report them to your employer - Details
December 15 (Corporations)
Deposit the fourth installment of estimated income tax for 2014 - Details
December 25 (Everyone)
Federal Holiday (Christmas Day) - Details