Question by michael_leung1987 : What is the criteria for investment income tax? If investment income is only my income, and is there a limit?
Is there a limit for investment income tax? Like A Certain amount of money you made Sun that you need to report the tax?Btw, i am a dependent. Let say I invest in the stock market, and i made that around 500 dollars a year ? how do i report?If the income is only from investments, how do i report tax?Thank you guys. Best answer:
Answer by
Muqata ??i> If any one can claim
you as a dependent, then you must file your return when your unearned income (interest, dividends, capital gains, investment income) is more than $ 850 If you only have investment income of $ 500, then you do not report it.(Note: Wages or salary income and self-employment income is called earned income.)Unearned income is not subject to social security and medicare taxes.Parent can choose to include the child?s interest and dividends on the parent?s return if requirements are met Certain. Use Form 8814, Parents? Election To Report Child?s Interest and Dividends, for this purpose.If child?s investment income is less than $ 1700, it will be taxed at child?s tax rate. If the investment income is more than $ 1,700 it will be taxed at parent?s tax rate, and Form 8615, Tax for Children Under Age 18 Who Have Investment Income of More Than $ 1.700, must be completed and attached to the child?s tax return
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