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| *Loan,banking and credit>>>income tax |
Child's investment income and taxes. What should I do? |
My son's investment income is $5000. (Interest and divides only. No wages). How should I handle my taxes? 1. Include his income under mine. Attach Form 8814 or form 8615? OR 2. File his return separetly. If i do this will this have any impact on my taxes? Like deductions? Which way I pay less taxes? You can file it either way. If he files separately it will not affect your return in anyway. Calculate it both ways to see which is better. He won't be able to claim himself as a dependent if he files separately. |
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