Questions tagged [children]
The children tag has no usage guidance.
92
questions
9
votes
2
answers
4k
views
How to set up passive income from investments for children?
Let's imagine the following: Mr. Leopold is an investor. He managed to save fifty million rubles by investing by now. He has children, but he is afraid that they will waste all his fortune after he ...
- 115
1
vote
1
answer
289
views
Gift tax implication If one would pay large and voluntary child support to girlfriend (have common child)?
If I understand correctly, if one transfers more than $17,000 to his girlfriend (not married) with whom he has a child then that would need to be reported on his gift tax return; And would consume his ...
- 709
0
votes
1
answer
528
views
Sharing my Google Pay account with my 16-year-old
How can I share my Google Pay account with my 16-year-old so they can use it from their phone?
I already have Google pay set up on my phone.
Thank you! I'd appreciate any help with this!
2
votes
1
answer
872
views
I'm self employed and I 1099 someone on my Schedule C. This person also happens to watch my kids as daycare, can I double dip the expense?
I am self employed and I have a worker that I issue a 1099. This person helps me around and picks up my kids and watch them as childcare service. I know I can deduct the 1099 income as an expense on ...
- 21
1
vote
1
answer
789
views
Is it possible to add a child to a UK credit card?
Many parties suggest that parents should add their baby child to their credit card so that the child can build a credit score as soon as possible. Unfortunately, these all seem to be USA sources, and ...
- 121
2
votes
0
answers
63
views
What happens to a custodial brokerage account when child reaches the age of majority?
My children have custodial brokerage accounts in their names. When they reach the age of majority in our state will the account change from a custodial account to a standard brokerage account or will ...
- 21
0
votes
1
answer
128
views
Does it matter how long an apartment is gifted to a child to cause any tax liability by the IRS?
If we choose to gift an apartment of ours to a child, can they gift it back to us in a few years without them and us having to owe any tax for any reason? If so, how much time is the minimum that the ...
- 462
3
votes
1
answer
221
views
Why would CP11 notice of incorrect Child Tax Credit have an amount that isn't a multiple of $500
I received a CP11 notice saying they changed the amount claimed as nonrefundable Child Tax Credit or credit for other dependents because I either didn't enter an amount or entered an incorrect amount ...
- 2,602
0
votes
1
answer
119
views
Tax filing requirement for Teens 16 to 21 years
in 2021 a kid( approx age 16) had some income (less than 1.5K) for working part time and needed to file tax return. in 2022 if that kid does not earn any money, will he still need to file tax return ...
- 1,016
0
votes
0
answers
40
views
Post-hoc hardship to avoid early withdrawal penalty (US)
My wife and I took money out of our retirement accounts to pay for emergency repairs to our home in May of 2021. Unfortunately, we were not ordered to relocate or demolish, so it doesn't meet criteria ...
- 263
5
votes
1
answer
641
views
Can you claim a child as a dependent on your taxes if your divorce decree specifies you get to even if the child didn't live with you?
If your divorce decree says you get to claim a child as a dependent on your taxes but the child actually lived with the other parent the whole year, can you still claim them on your tax return?
- 2,602
2
votes
2
answers
225
views
If a parent filed taxes in 2020, and then a child was born or adopted in 2021, are can they receive the monthly "Advance Child Tax Credit" payments?
Suppose someone filed a tax return in 2020. Also suppose a child was either born or adopted into the family in 2021. Are they eligible to receive the monthly "Advance Child Tax Credit" ...
- 215
2
votes
2
answers
271
views
Can I pay my baby an income to max out a custodial Roth IRA without paying/filing taxes for him?
I made a huge income jump from a career move right after having a baby. I do not want to do any lifestyle creeping and would rather put this money to work with compound interest. I'll already be ...
1
vote
0
answers
67
views
Opting out of advanced child tax credit payments - benefits?
Is there any benefit to opting out of the advance payments on the child tax credit (2021)?
As far as I can tell, worst case, is you end up with a bigger tax bill next year and maybe an underpayment ...
- 658
1
vote
1
answer
213
views
IRS form for Advance Child Tax Credit (CTC) Opt-Out
Aside from the User-Portal on IRS Web Site, what other methods are available to opt-out of the 2021 Advance Child Tax Credit?
I'm specifically thinking of an IRS Paper Form akin to all their other ...
- 1,182