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 so that you need to report the tax??
Btw, i am a dependent. Let say I invest in the stock market, and i made around 500 dollars a year...how do i report that??
If the income is only from investments, how do i report tax??
Thank you guys.
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Answer by MukatA
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 don't 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 certain requirements are met. 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 $ 1700 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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2013-05-16 Russell Investments Center
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2013-05-16 Russell Investments Center
Orignal From: What is the criteria for investment income tax? If investment income is only my income, and is there a limit?? and 2013-05-16 Russell Investments Center
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