1099 Earnings for a dependant child
In the Pro-Series software, where do I post 1099-Misc income for a client's child's earnings?
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03/07/10 1:38pm PST
Viewed by asker 03/07/10 2:05pm PST
Viewed by asker 03/07/10 2:05pm PST
10 Replies
Mt Juliet CPA
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03/07/10 1:42pm PST
On the Child's Tax Return if required
I salute all our current Military and our Veterans.
03/07/10 1:49pm PST
That would depend on what the 1099-Misc was for.
Rents, Royalties, other income, fishing boat proceeds, nonemployee comp, direct sales, crop ins, golden parachute, attorney payments , etc, etc, etc. ?????????
Is that kid a lawyer or selling avon or something
Life is a Cabernet
03/07/10 1:54pm PST
The $2400 is for non-employee compensation he earned during the summer of 2009. Is it a requirement that he files a separate return or can this be included in his mother's return?
ArchieLeach
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03/07/10 1:55pm PST
raeb63,
What was the kid paid for? How old is the kid?
Not enough information.
I want a job that's not too demanding
Like where you do a whole lot of standing.
No way to be an elevator operator,
No way a salesman, no way a waiter.
Cause I'm a gentleman,
A Gentleman of Leisure ~Jesse Winchester
Like where you do a whole lot of standing.
No way to be an elevator operator,
No way a salesman, no way a waiter.
Cause I'm a gentleman,
A Gentleman of Leisure ~Jesse Winchester
03/07/10 1:57pm PST
Self employed, on Sch C'ez, on own return, as dependent filer, pays SE tax only, around $360.
Still dependent on parents return.
Mom's going to be Pizzed.
Life is a Cabernet
03/07/10 2:05pm PST
Sorry - not trying to cryptic - the child was 15 and he worked on a farm for the summer. However - upon further investigation - I will need to file a separate return for him because he also has $3175 in interest income.
Final question - his mom can still claim him as a dependent, correct? If she does, she can file HOH which gives her a huge tax advantage.
Thanks everyone - this forum helps me alot!
Accountant Man
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Grafton
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peterhawaii
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03/07/10 2:42pm PST
A kiddie tax is due and form 8814 is not appropriate.
The child files a tax return with Schedule C and Form 8815. When you fill in form 1099 MISC, you can link the income data to the Schedule C..
peterhawaii
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03/07/10 2:58pm PST
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I would be very careful with Head of Household status as only one person in the household is providing more than 50% of the cost of the main home. Who else is living in the household such as a parent or friend and is that person providing more than 50% of the cost of keeping up the home.
