Publication 929 - Tax Rules For Children And Dependents - 2006
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27Publication 929
Contents
Cat. No. 64349Y
What’s New . . . . . . . . . . . . . . . . . . . . . 1
Department
Tax Rules for
of the
Reminders . . . . . . . . . . . . . . . . . . . . . . 2
Treasury
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Children and
Internal
Part 1. Rules for All Dependents . . . . . . 2
Revenue
Service
Filing Requirements . . . . . . . . . . . . . 3
Dependents
Should a Return Be Filed Even If
Not Required? . . . . . . . . . . . . . . 4
Responsibility for Child’s
Return . . . . . . . . . . . . . . . . . . . 4
For use in preparing
Standard Deduction . . . . . . . . . . . . . 5
Dependent’s Own Exemption . . . . . . . 5
2006
Returns
Withholding From Wages . . . . . . . . . 5
Part 2. Tax on Investment Income
of Child Under 18 . . . . . . . . . . . . . . 6
Parent’s Election To Report
Child’s Interest and
Dividends . . . . . . . . . . . . . . . . . 6
Tax for Children Under Age 18
Who Have Investment
Income of More Than $1,700 . . . . 10
Glossary . . . . . . . . . . . . . . . . . . . . . . . 23
How To Get Tax Help . . . . . . . . . . . . . . 24
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 26
What’s New
Filing requirements. The amount of gross in-
come that many dependents with earned in-
come (wages, tips, etc.) can have during the
year without having to file a return has in-
creased. See Filing Requirements in Part 1.
Standard deduction. The standard deduction
for many dependents with earned income
(wages, tips, etc.) has increased. See Standard
Deduction in Part 1.
Investment income of child under age 18. A
child’s investment income may be subject to tax
at the parent’s tax rate if the child is under age
18 (previously under age 14) at the end of the
year. The amount of taxable investment income
the child can have without it being subject to tax
at the parent’s rate has increased to $1,700
(previously $1,600). See Part 2.
Alternative minimum tax. The limit on the
exemption amount for figuring the alternative
minimum tax of a child filing Form 8615 has
increased to the child’s earned income plus
$6,050 (previously $5,850). See Alternative
Minimum Tax in Part 2.
Foreign earned income exclusion. If the
child or parent claimed the foreign earned in-
Get forms and other information
come exclusion or housing exclusion on Form
faster and easier by:
2555 or Form 2555-EZ, special rules apply
when using Form 8615 and the Foreign Earned
Internet •
Income Tax Worksheet to figure the child’s tax.
See Part 2.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial