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kiddie tax |
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Kiddie tax Tax owed for the investment income of children if the amount is more than $1,400.
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| Because the kiddie tax is imposed only on unearned income in excess of $1,700, unearned income below that threshold is taxed at the child's rate. This may spread out income, possibly avoid (or lessen) the kiddie tax and eliminate assets and income from financial aid consideration. For individuals, the act provides lower tax rates on long-term capital gains and qualified dividends; AMT relief; an increase of the kiddie tax age to children under 18; and the removal of the AGI ceiling after 2009 for regular IRA to Roth IRA conversions. |
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