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* * * * * * Scenario 5 : Kiddie Tax Thomas and Jessica's child ( age 1 5 ) has the following unearned income:
Scenario : Kiddie Tax
Thomas and Jessica's child age has the following unearned income:
Interest and Dividends: $
Capital Gains Distributions: $
Parents taxable income puts them in the top tax bracket.
Calculate:
The potential tax liability on the child's income under the Kiddie Tax rules.
Discuss the purpose of the Kiddie Tax.
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