dkelley
		
		
		
		
		
		
		
		
	
			
		
		
			
					
		
	
	
			Level 2
		
	
				
		
	
		
			
    
	
		
		
		02-13-2021
	
		
		02:35 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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Did you notice that college kids collecting unemployment groups that income into the 'unearned' pool of money... making the kiddie tax form 8615 come into play. Even if you check NO to the investment income question, it limits their standard deduction to 4000. This can't be correct? Any thoughts?!
Thank you!
			
		
			
	
	
			
				
		
		
			TaxGuyBill
		
		
		
		
		
		
		
		
	
			
		
		
			
					
		
	
	
			Level 15
		
	
				
		
	
		
			
    
	
		
		
		02-13-2021
	
		
		02:39 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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Yes, Kiddie Tax may apply.
No, the Standard Deduction is not necessarily $4000. It is generally the amount of their Earned Income plus $350 (up to a maximum of $12,400).
			Level 15
		
	
				
		
	
		
			
    
	
		
		
		02-13-2021
	
		
		02:44 PM
	
	
	
	
	
	
	
	
	
	
	
	
	
	
		
	
				
		
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Yep kiddie tax is kicking in on dependents!
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪