Client is 17 years old, received $17,000 unemployment benefits and a W-2 for $ 2,000. Because of age, needs to be claimed on parent's return, net of the unemployment exclusion at the parent' much higher rate. Any work around for this?
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Kid can be claimed as a dependent on his parents' return.
Kid files own return to report wages and unemployment (taking into account exclusion). Non excluded unemployment is unearned in come for kiddie tax purposes.
I think this is what you meant but the wording was quite unclear.
Kid can be claimed as a dependent on his parents' return.
Kid files own return to report wages and unemployment (taking into account exclusion). Non excluded unemployment is unearned in come for kiddie tax purposes.
I think this is what you meant but the wording was quite unclear.
Thanks,
Yes, that is what I meant and I read it the same way, hoping that I was wrong!
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