cshuieh7[at]yahoo.com wrote:

- quote -

You include *your* income on *your* tax return, not anyone
else's income. They include *their* income on *their*
return. Your return is for your's and a spouse's income,
only.

Missy Doyle

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"cshuieh7[at]yahoo.com" <cshuieh7[at]yahoo.com> wrote:

- quote -

No and the instructions clearly say so.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

cshuieh7[at]yahoo.com posted:

- quote -

No. Unless the 1099s come with your SSN (or your wife's),
they must file under the SSN shown on the Form 1099.

They'll each have to file a separate return -- unless
they're your children under age 14 _and_ income is less than
$8,000, and came from dividends and interest. You might use
Form 8814 or 8615. There's are good charts to help
determine which Form to use on page 202/203 of Pub 17.

Bill

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

<cshuieh7[at]yahoo.com> wrote:

- quote -

We'll stop there. If a dependent had a Schedule D
transaction, the dependent must file his own return. That
excludes the one with the loss and may exclude the other.
(Capital gain distributions from mutual funds can go on the
parent's return.) Also this is available only for children
under 14.

--
Phil Marti
Clarksburg, MD

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

cshuieh7[at]yahoo.com writes:

- quote -

You can't do that.

- quote -

You can't do that.

You can only take the shortcut of taking a dependent's
income on your return only if all of the following are true:
(a) the dependent is your child
(b) the dependent is under age 14
(c) the dependent's income is only dividends, interest,
and capital gain distributions.

You fail at least (c).

If the dependent sold any security at all or if the
dependent had a capital loss being carried into the year
(even if they didn't sell something in the year), then (c)
is not true.

Your dependents will have to have tax returns filed in their
own names.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I plan to include dependents' income and loss into mine for
my 2005 tax return. One dependent has capital gain income
more than 1600, and the other has capital loss. The overall
gain will be postive. In addition, I will owe some AMT for
2005. If I include their income and loss into mine, I can
save some taxes because regular tax afterall is larger and
AMT portion will reduce.

Am I allowed to do so?

Best regards,
Clark

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >