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Tax Impact of Having a Child Textbook (2021) - #21333

Tax Impact of Having a Child Textbook (2021) - #21333

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Overview

Description:

Children of all ages come with a lot of costs. Whether it’s diapers or school supplies, raising a child can be more expensive than parents even realize. However, there are a few tax credits beneficial to parents that all tax pros need to know of to get their clients the maximum refund. This textbook examines a variety of tax issues involving children ranging in age from 0 to 27. Topics include tax credits available to taxpayers with dependent children, dependency exemption applicability, kiddie tax rules and tax benefits for qualified education expenses.

View Table of Contents.

Topics include:

  • Applying the dependency rules for a child
  • Identifying when a child is subject to kiddie tax, which tax rate applies and how it is reported
  • Determining how inheritances, court settlements and Social Security income impact a child’s reporting requirements
  • Defining the tax credits available to taxpayers with dependent children
  • Calculating the expanded child tax credit, including the other dependent credit
  • Summarizing the requirements to claim education credits
  • Determining the tax consequences of distributions from qualified tuition programs (§529 plans)
  • Identifying the effects of COVID-19 relief legislation on taxpayers with children

Product Details:

Level: Intermediate

Authors: NATP Staff

Published: 2021

Format: Print - 148 Pages


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