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Reply to "Ugh…Kiddie Tax! Any ideas to avoid this?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm not aware of any way around this, at least not at this point in the following year. [b]What's wrong with him paying his capital gains tax?[/b] Regardless, soon he won't be a dependent so this likely won't happen again.[/quote] This. I mean, sorry you can't figure out how to shelter your 17 year-old's windfall from taxes but oh well? He's still up 19k for doing literally nothing, I think it will work out in the end.[/quote] Because he'd likely pay nothing if he weren't a dependent. I really wanted to hire this wonderful summer nanny who was highly recommended and my kids adore her. She wanted to be paid under the table because her dad makes 400k+. I understood the issue because it would be throwing her into a much higher tax bracket than she deserves to be in and leaving her with a large tax bill. I couldn't hire her though.[/quote] The kiddie tax rule applies to unearned income not earned income. Your nanny apparently wanted to dodge paying taxes, her dad had nothing to do with it.[/quote] My teenagers file their own taxes and are still dependents on my return. One gets withholding refunded. The other earns enough to pay.[/quote]
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