Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Rules for Children & Dependents
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 4 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: January 2010 Accreditation: QAS, NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Filing Requirements for Dependents
Learning Objectives 1
Overview
Earned Income Only
Unearned Income Only
Earned and Unearned Income
Other Filing Requirements
Lesson 2 - Responsibility for Child's Return
Learning Objectives 2
Child's Responsibility
Parent's or Guardian's Responsibility
IRS Notice Received
Authority of Parent or Guardian
Child's Earnings
Child's Expenses
Lesson 3 - Standard Deduction/Exemption
Learning Objectives 3
Standard Deduction for Dependents
Standard Deduction is Zero
Dependent's own Exemption
Exemption From Withholding
Conditions for Exemption From Withholding
Dependents
Lesson 4 - Investment Income of Child Under 18
Learning Objectives 4
Tax on Investment Income of Child Under 18
Which Parent's Return to Use
Parent's Election to Report Child's Investment Income
Making Election/Effect
Lesson 5 - Figuring Amount of Child's Income to Report
Learning Objectives 5
Step 1. Form 8814
Capital Gain Distributions
Capital Gain Example
Step 2. Form 8814
Form 8814 Illustrated Example
Lesson 6 - Tax for Children Under Age 18
Learning Objectives 6
Form 8615
Parent's Return
Step 1. Form 8615
Investment Income
Capital Loss
Sources of Income
Deductions
Illustrated Step 1 of Form 8615
Lesson 7 - Figuring Tentative Tax at Parent's Tax Rate
Learning Objectives 7
Step 2. Form 8615
Trusts
Net Investment Income of Other Children
Form 8615, Line 8
Capital Gain Tax Worksheet
Lesson 8 - Figuring the Child's Tax
Learning Objectives 8
Step 3. Form 8615
Alternative Minimum Tax
Illustrated Example. Form 8615
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Identify when a dependent must file an income tax return.
- Identify when a single dependent with earned income only must file an income tax return
After completing Lesson 2, you will be able to:
- Determine who is responsible for filing a child's return
After completing Lesson 3, you will be able to:
- Figure the standard deduction for an individual who can be claimed as a dependent on another person's return
- Figure a dependent's allowable itemized deduction
After completing Lesson 4, you will be able to:
- Identify the taxes and credits that are affected when Form 8814 is used
- Identify which parent's return is used to figure the tax on the investment income of a child under 18 (or under 24 if a full-time student)
- Identify the rules that apply that may affect the tax on certain investment income of a child under age 18 (or under 24 if a full-time student)
- Identify investment income
After completing Lesson 5, you will be able to:
- Figure the amount to include on the parent's own return for a child's investment income
- Figure the amount that is not taxed in Part II of Form 8814
- Identify the rules that apply when electing to use Form 8814
After completing Lesson 6, you will be able to:
- Identify the rules that apply with regard to providing information on Form 8615
- Determine the first step in figuring a child's tax using Form 8615
After completing Lesson 7, you will be able to:
- Figure the amount to enter on Form 8615 when more than one child in the family has a Form 8615
- Define net capital gain
After completing Lesson 8, you will be able to:
- Identify the rules that apply to alternative minimum tax with regard to a child's income
- Identify the rules that apply when filing Form 8615