All Questions
Tagged with children united-states
55
questions
1
vote
1
answer
302
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
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
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
129
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
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
2
votes
2
answers
226
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
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 ...
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
216
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
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
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
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 ...
