All Questions
14
questions
2
votes
1
answer
889
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
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
2
votes
2
answers
272
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 ...
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
0
votes
2
answers
143
views
Should filers hold off on filing taxes for Biden's $3000 tax credit?
According to various sources, such as this article, Biden has plans to increase the Child Tax Credit to $3000. As I'm aware, this is part of Biden's stimulus plan, which is still being negotiated. ...
- 2,813
4
votes
1
answer
336
views
Child account investment options (EU)
So, having two little ones, I decided to set up investment accounts for them.
The idea is that these would be focused on long term buy&hold (mostly dividend growth stocks).
Since I live in Austria/...
- 226
6
votes
1
answer
151
views
Can one 'pay' their son so he can contribute to his Roth IRA? [duplicate]
I'm a college student doing some part time work (for my school), and my dad very generously said that he would match my contributions to my Roth IRA if I maxed it out - ie. I pay in 3000 and he pays ...
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
51
votes
2
answers
13k
views
Can I hire my kid and start a Roth IRA for him?
I own an LLC, of which I am currently the sole member. It's my main source of income.
I am wondering if there is a reason why I could not do the following:
Hire my child as a part-time employee of ...
- 2,761
86
votes
5
answers
20k
views
I have sole custody of my child but the child's father's brother claimed him as a tax deduction
I have court papers showing that I have full and sole custody of my son and that he was with me like 99% of the year. I let my son's father have him a few weekends last year but only a handful.
My ...
- 3,842
15
votes
2
answers
4k
views
Can I deduct child's charitable deduction from my taxes?
My five year old daughter negotiated $20 in back allowance (we hadn't paid her allowance in a while, and she's a better negotiator than me) and then donated that money at her school to a charity for ...
- 5,301
3
votes
2
answers
314
views
Can I claim my daughter as a dependent on my 2014 tax return even though she got married in August?
Can I claim my daughter as a dependent on my 2014 tax return even though she got married in August? She did not live at home but was a full-time student for at least 5 months out of the year, and we ...
