All Questions
Tagged with children income-tax
14
questions
2
votes
1
answer
888
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
3
votes
1
answer
227
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
5
votes
1
answer
644
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
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
4
votes
1
answer
183
views
If I defer the 2021 child tax credit can I base it on my 2021 income?
The 2021 child tax credit includes payments that the IRS will send from July to December of 2021. The payment is based on the 2020 filing. However I get the impression that it is really based on the ...
- 1,296
15
votes
2
answers
5k
views
Does having several kids really mean I don't pay any federal taxes?
My wife and I are foster parents, and long story short we are planning to adopt three kids this year. In anticipation of this I went ahead and considered the kids as dependents for 2021 and updated my ...
- 8,827
1
vote
1
answer
2k
views
If you take the standard tax deduction, can you still claim the Child Tax Credit?
If you take the standard tax deduction, can you still claim the Child Tax Credit? I can't find the answer with Google.
- 11
3
votes
1
answer
822
views
Where are additional dependent children listed on the 2018 1040 tax form?
I was getting a head start on my taxes and wondering what form there is for listing out additional children. On the old form, I attached another form (probably something just autogenerated by my ...
- 133
48
votes
3
answers
14k
views
If a kid makes money, do the parents take on the tax liability?
Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
- 1,217
3
votes
1
answer
1k
views
Tax implications for a child's savings account
I'm in the process of moving a child's savings account from a bank that pays virtually no interest, to one that pays an amount where - while the amount they will earn is still quite low, it will at ...
user12515
6
votes
2
answers
4k
views
Does our baby need to file a tax return?
My friends had a baby last year, and he's turning 8 months by April 15, 2016. The parents are going to file a joint tax return this year. Can they claim their baby as a dependent? Should they ...
- 329
14
votes
2
answers
2k
views
Do my kids need to file a tax return?
My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
- 116k
2
votes
1
answer
233
views
For Tax Purposes, What Does "Provide at Least Half the Cost" Mean?
If I am separated (no legal decree) from my husband for just over two years and have been unable to work due to caring for children and illness.
I get ~$3700/month from him labeled as "Separation ...
