Net unearned income of a child under age 19 with a living parent(up to age...

Net unearned income of a child under age 19 with a living parent (up to age 24 if full time student and claimed as a dependant) is taxed at the parents' marginal rates, although net unearned income does not include standard deduction of $1,100 for unearned income and next $1,100 of income which is taxed at the child's marginal tax rate.

True

False

Expert Solution

Yes, True.

Before 2018 the non taxable income limit of child was $1,050 but from 2018 to 2025 this limit is increased to $1,100 and child income from the age of 19-23 is taxed at parents marginal rate.

So above statement is True and correct.

ekkarill92 answered 2 years ago

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