Questions tagged [children]
The children tag has no usage guidance.
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Canadian parent gifting adult child in the US [duplicate]
My wife was born in Canada but now has her US citizenship and resides with me in the US. She still has Canadian Citizenship but, as you know, the US does not recognize dual citizenship.
One of her ...
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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.
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Savings Accounts for Future Child Expenses
If I were looking to have a kid in the next 3-6 years, what (if any) tax-advantaged plans exist to help saving for future, related expenses?
To be more specific, there are numerous types of savings ...
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Australia- Bank account for newborn
I have just acquired a newborn, and would like some advice in setting up a long term financial plan. I don't have a target amount in mind, just to have some money to help her when older (roughly 18-21 ...
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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 ...
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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? ...
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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 ...
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How to teach personal accounting to an 8-year-old
I try to teach my 8 year old daughter the basics of finance. She has
some her own money (partly in a wallet, partly in a piggy-bank). Some
time ago, she threw a short tantrum about "someone stealing ...
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Can a 15 year old finance something? [duplicate]
I would like to get a laptop, mainly to use in school and extracurriculars. While I can save up with my job, it would be much easier to finance the laptop instead, since I'm saving up for other things ...
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Best way to make sure my son has an income after I have died
I have a son with special needs, he is autistic and has learning difficulties. It is unlikely he will ever have a 'normal' life or be able to financially support himself.
I am extremely worried of ...
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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
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My son is trying to start a checking account but I can't seem to figure out the right solution
My son wants a checking account, but with a debit card. We are on Bank of America. I told him I could set up a second card on my account but realized- the money would come out of my account.
He is ...
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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 ...
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What laws are there surrounding earned income for younger children to make them eligible for Roth IRA?
I found this question looking for suggestions on ways that children can earn money, but I want to know what rules there are surrounding payments I can make to my child without getting the IRS on my ...
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How can I cash or deposit a check made out to my minor child?
Does my bank need to be aware of my child first?
Do I need to, or should I, add anything to the back of the check where I would normally endorse it?
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