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#3
04-07-2009, 08:54 PM
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 Re: 1009-INT questions removeps-groups[at]yahoo.com wrote: - quote - > On Apr 6, 5:45 pm, Harlan Lunsford <luns...[at]bellsouth.net> wrote:
sending exception letters, amounts at which we may only guess at.> > > Use form 8814 to report the child's income on your return. It's easy > > > to fill in this form, and you'll report the income but there is an > > > exemption of $900, so there will be no tax. > > And since 14$ is well under the $900 floor, there's no need to file > > anything. > Probably. The IRS might send a letter for not declaring income, but I > doubt they would. They won't. You see, IRS has (closely guarded) threshold amounts for Not true 40 years ago maybe, but in the interim someone took Accounting 101 and learned about "materiality". ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#2
04-07-2009, 08:05 PM
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| Re: 1009-INT questions On Apr 6, 5:45 pm, Harlan Lunsford <luns...[at]bellsouth.net> wrote: - quote - > > Use form 8814 to report the child's income on your return. It's easy
Probably. The IRS might send a letter for not declaring income, but I> > to fill in this form, and you'll report the income but there is an > > exemption of $900, so there will be no tax. > And since 14$ is well under the $900 floor, there's no need to file > anything. doubt they would. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
04-07-2009, 12:45 AM
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| Re: 1009-INT questions sfbeena[at]gmail.com wrote: - quote - > On Apr 6, 12:37 pm, Grip <g...[at]cybermesa.com> wrote:
anything.> > 1) I received a 1099-INT in the amount of $14 for my minor child, who > > I am claiming as a dependent. Where do I need to this income? > Use form 8814 to report the child's income on your return. It's easy > to fill in this form, and you'll report the income but there is an > exemption of $900, so there will be no tax. > The child can also file their own return, but they have to also attach > a form in the 8000's to say they are a dependent but are filing their > own tax return, and some of their income will be taxed at higher > rates, though the tax would be zero in this case. So in your case, > the above method is just fine. Simpler. > > 2) In my 1099-INT, I had interest income and I had an early withdrawl > > penalty. Does the latter offset the former? > Yes. See line 30 of form 1040. And since 14$ is well under the $900 floor, there's no need to file ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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04-06-2009, 11:44 PM
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| Re: 1009-INT questions On Apr 6, 12:37 pm, Grip <g...[at]cybermesa.com> wrote: - quote - > 1) I received a 1099-INT in the amount of $14 for my minor child, who
Use form 8814 to report the child's income on your return. It's easy> I am claiming as a dependent. Where do I need to this income? to fill in this form, and you'll report the income but there is an exemption of $900, so there will be no tax. The child can also file their own return, but they have to also attach a form in the 8000's to say they are a dependent but are filing their own tax return, and some of their income will be taxed at higher rates, though the tax would be zero in this case. So in your case, the above method is just fine. Simpler. - quote - > 2) In my 1099-INT, I had interest income and I had an early withdrawl
Yes. See line 30 of form 1040.> penalty. Does the latter offset the former? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
04-06-2009, 07:37 PM
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| 1009-INT questions I'm filing a 1040. 1) I received a 1099-INT in the amount of $14 for my minor child, who I am claiming as a dependent. Where do I need to this income? 2) In my 1099-INT, I had interest income and I had an early withdrawl penalty. Does the latter offset the former? Thanks, G -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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