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 F8615 Ellen Income Tax Form 8615 Tax for Certain Children 2021

8615 2021-2025 Form

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Video instructions and help with filling out and completing F8615 Ellen Income Tax Form 8615 Tax For Certain Children

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Instructions and help about irs 8615

for most children filing an income tax return is far off in adulthood but for a small group of children with a certain type of income not only did they have to file tax returns but they also might have to pay tax at a higher rate than would be expected considering their incomes I'm the tax geek and here is the kitty tax oversimplified [Music] the tax on certain children who have unearned income or as everyone outside the IRS calls it the kitty tax was enacted in 1986. it was designed to keep parents from avoiding taxes on their Investments by transferring their Investments to their children by shifting their Investments to their children parents could take advantage of their children's lower marginal tax rate since they had little or no other income the kitty tanks originally only applied to children under age 14. later the age was raised to include all children under 19 plus children aged 19 through 24 who are both dependents and full-time students the kitty tax is onl

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