Questions tagged [children]
The children tag has no usage guidance.
92
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9
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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 ...
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1
vote
1
answer
302
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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
561
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
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
1
vote
1
answer
800
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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
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
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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
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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
644
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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
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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
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2
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143
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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
2
votes
3
answers
380
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An investment product for "5 grand for your new niece in 20 years..." situations [closed]
Say your favorite friend or relative has a new child, or perhaps a toddler.
You want to give/invest a lump sum $5000 to the youth in question .... so it will only be available in say 20 or 25 years.
...
- 13.8k
4
votes
1
answer
336
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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
0
votes
1
answer
109
views
How much expenditure for children [closed]
I've been reading about 4% rule and about saving well and so on. My current savings rate is decent I think. However, we do plan on having a kid in the near future. I am not really sure what our ...
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13
votes
3
answers
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Are there countries where children are forced to inherit their parents' debts?
Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs?
In the UK and USA, it seems to be well understood that if the deceased's estate is ...
- 4,002
6
votes
1
answer
151
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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 ...
2
votes
1
answer
249
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How much should we have/save before having a child? Baby planning a couple years out [closed]
Edit: Additional helpful information.
Location: USA: Oregon
Lifestyle: Middle-class and content that way. I have biologist job, so I'll never be 'rich' and "millions" is certainly an exaggeration.
...
- 339
0
votes
2
answers
401
views
What’s the best method to save money on behalf of a baby?
What’s the best method to save money for a baby?
Assume I can afford to save a small sum ($25-$75) every month. What’s the best investment vehicle? I would hope to amass a significant sum by the ...
- 606
11
votes
2
answers
1k
views
529 vs IRA for kids education and future scholarship
I have young kids going in preschool. I have already started investing in 529. However, many of my friends mention that if I invest single penny in 529 plan for my kids, they will miss out on any ...
- 131
1
vote
2
answers
396
views
How can I help a 17 year old track and pay me back a personal loan?
I’m selling my 17 year old cousin my car. He wants to make regular payments on it, every two weeks or so. Instead of taking cash, issuing receipts, and tracking this on paper somewhere, I’d like to ...
- 131
5
votes
4
answers
5k
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529 (college saving) account for multiple kids
I have a 529 account for my 3-year-old. We just discovered we're expecting another baby. Is it better to open a new 529 for the new baby or just keep contributing to one and then split it later on?
- 195
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1
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244
views
How to give money to a 10 year old niece on joint business venture?
My niece and I came up with a good idea that I think will make some money. I want to compensate her accordingly for what she has done.
I don't want to give her the money now, and I don't want to put ...
- 133
7
votes
2
answers
314
views
How to monitor for identity theft of minor child
It's important to monitor your own credit for signs of identity theft and for errors, because recovery can be time consuming and expensive. What steps should parents take to monitor their minor ...
- 1,746
4
votes
0
answers
166
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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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1
answer
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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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votes
2
answers
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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 ...
- 2,065
1
vote
1
answer
171
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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 ...
- 585
3
votes
1
answer
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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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votes
3
answers
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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? ...
- 1,217
51
votes
2
answers
13k
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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 ...
- 2,761
45
votes
5
answers
14k
views
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 ...
- 559
11
votes
1
answer
4k
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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 ...
- 111
47
votes
2
answers
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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 ...
- 623
3
votes
1
answer
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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
3
votes
2
answers
287
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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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86
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5
answers
20k
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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 ...
- 3,842
5
votes
1
answer
125
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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 ...
10
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2
answers
22k
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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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2
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Does a gift to a baby that's accepted by a parent count as a gift to the parent?
I live in the United States, and I recently had a baby girl. My mother would like to give her some money by check, but the baby doesn't have a bank account yet. I've read that I should be able to ...
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17
answers
23k
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How to share income after marriage and kids?
My girlfriend and I are thinking about marriage and having children and I have spent the last days trying to figure out concepts how to handle finances from that point forward. I believe that this is ...
- 802
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votes
1
answer
609
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How can I gift mutual funds to my 1 year old nephew?
My nephew is getting ready to turn 1 year old and I would like to gift him mutual funds. Are there any special types of accounts out there to allow this sort of gifting? I'm not looking to set up a ...
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2
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4k
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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
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1
answer
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Where can I put savings for my kid that I literally cannot withdraw from?
I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding.
I've heard horror stories of parents stealing ...
- 909