Kiddie Tax
Home Up Business Telephone Excise Tax Credit Individual Telephone Excise Tax Credit §179 Deduction Health Savings Accounts 2005 Retirement Plan Limits §199 Manufacturer Kiddie Tax Alternative Minimum Tax Capital Gains and Qualified Divi ROTH Designated §401 §179 And SUV's 2005 Standard Deduction Optional Sales Tax Deduction Vehicle Donations

 

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Business Telephone Excise Tax Credit
Individual Telephone Excise Tax Credit
§179 Deduction
Health Savings Accounts
2005 Retirement Plan Limits
§199 Manufacturer
Kiddie Tax
Alternative Minimum Tax
Capital Gains and Qualified Divi
ROTH Designated §401
§179 And SUV's
2005 Standard Deduction
Optional Sales Tax Deduction
Vehicle Donations

 

 

Kiddie Tax (Children under 18)

 

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Retroactive to the beginning of 2006, the kiddie tax has been modified to set the age limitation at minors under the age of 18.

A single unmarried individual eligible to be claimed as a dependent on another taxpayer's return generally must file an individual income tax return if he or she has earned income only over $5,150 for 2006.  –Unearned income only over the minimum standard deduction amount for dependents $850 in 2006; or both earned income and unearned income totaling more than the smaller of:

•        $5,150 (for 2006); or
•        The larger of:
–            $850 (for 2006); or
–            Earned income plus $300