L. Paul Kassouf & Co

 

60-Second Financial Advice

April 1, 2013

Does My Child Need to File a Tax Return? 

If your child has earned income of more than $5,950 or unearned income of more than $950 you may need to file a tax return for them. As their parent it is your responsibility to file a return on their behalf if they are unable to file for themselves for any reason, such as age.

 

Special tax rules affect how your child's investment income should be reported. Investment income includes interest, dividends, capital gains and other unearned income. In some cases parents can include their child's investment income on their own tax return. Other children may have to file their own tax return.

 

If you have any questions about whether or not you need to file a tax return for your child please contact our office.

 

 

 

 

 

 

 

 

Please feel free to forward this message along to your friends and family.

 

This newsletter is intended to provide you with general financial planning tips. If you have a specific question regarding your financial planning or tax situation please contact us.

 

For previous issues, please click here.


L. Paul Kassouf & Co, P.C.

(205) 443-2500

www.kassouf.com