Table of Contents.

Description:

Clients with children require extra attention as there are a variety of tax issues involving children ranging in age from 0 to 27. Topics include examining tax credits available to taxpayers with dependent children (including the expanded child tax credit); determining whether a dependency exemption is allowed or allowable (even though the deduction is zero after 2017); determining how the modified kiddie tax rules impact parents and children; allocating health insurance from the marketplace to nondependent children under age 27; and claiming tax benefits for qualified education expenses.

Tax Impact of Having a Child covers:

• Determining which taxpayer is allowed the dependency exemption for a child.
• Identifying when a child is subject to kiddie tax, which tax rate applies and how it is reported.
• Determining how inheritance or court settlements impact a child’s reporting requirements.
• Summarizing the tax credits available to taxpayers with dependent children.
• Analyzing the expanded child tax credit, including the new $500 nonrefundable credit.
• Analyzing how to allocate health insurance on a family plan from the Marketplace to a nondependent child under 27.
• Summarizing the requirements to claim education credits.
• Determining the tax consequences of distributions from qualified tuition programs (§529 plans).

Product Details:

Level: Intermediate level

Author: NATP Staff

Publisher: NATP

Publication Date: 2018

Format: Electronic

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