CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Timothy Steele
Investment Advisor Representative
HBW Advisory Services LLC
3017 Douglas Blvd, Suite 100
Roseville, CA 95661
Phone: 916-550-3456
Cell: 916-250-0953
Fax: 801-527-5618
Email: timothy.steele@hbwadvisory.com
Website: www.myHBWadvisor.com
July/August 2024
Kiddie Tax 2024
If your child has investment or other unearned income above a certain threshold, that income may be subject to the kiddie tax.
For 2024, the first $1,300 of a child’s unearned income is tax-free. The next $1,300 of unearned income is taxed at your child’s tax rate. Any additional earnings above the $2,600 threshold are taxed at the child’s or parents’ tax rate, whichever is greater.
What Qualifies as Unearned Income?
A child’s unearned income may include:- Taxable interest
- Dividends
- Capital gains
- Taxable scholarships
- Income produced by gifts from grandparents
- Income from custodial accounts
Exceptions
The kiddie tax does not apply to children who spend their own earned income for more than half the cost of their support. Children who are married and file a joint return are also not subject to the tax. Your tax professional can provide more information.
Investment advisory services offered through HBW Advisory Services LLC, HBW Insurance & Financial Services, Inc. dba HBW Partners and and HBW Advisory Services LLC are under separate ownership from any other named entity.
HBW Advisory Services LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.