Children are usually in lower tax brackets than their parents. One strategy for saving money on taxes is to transfer income-producing assets to children so they pay tax on the investment income at their lower tax rates.
The IRS limits the benefit of this strategy with special rules for children who have substantial investment income.
You don't have to worry about this rule unless your child has $2,000 or more in interest, dividend and other investment income.
If your child's interest and dividend income is less than $10,000, you may choose to include that income on your return.
Your child must file his or her own return to report his or her income if the child has $10,000 or more in investment income.
However, your child may still need to file his or her own tax return if he or she has other income, such as wages.
TaxAct uses information from your joint tax return to determine the correct tax rate for your child's investment income.
If you as the parent choose to report a child's income on your return, TaxAct reports that income on Form 8814, Parents' Election To Report Child's Interest and Dividends.
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