REPEAL OF KIDDY TAX
MY CLIENT HAS A SON AGE 21 AND NOT A STUDENT, HE LIVES AT HOME AND HAD
EARNED INCOME OF $4500.00 AND REINVESTED DIVIDENDS OF $47000.00. IF MOM AND DAD CLAIM HIM THEY GET $500 TAX CREDIT. I HE CLAIMS HIMSELF HIS TAX IS REDUCED BY
$1000.00. WHAT IS THE PROPER WAY TO REPORT, CLAIM HIMSELF AND GET $12000.
STANDARD DEDUCTION OR PARENTS CLAIM HIM?
