Discussion:Parents' Election (Form 8814) question
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Discussion Forum Index --> Basic Tax Questions --> Parents' Election (Form 8814) question
Discussion Forum Index --> Tax Questions --> Parents' Election (Form 8814) question
| 11 April 2008 | |
| I have a client who normally properly reports their children's interest and dividend income on their return. This year the kids' broker statement shows $20 in cash in lieu proceeds from Kraft Foods stock received in the Altria distribution, as well as dividend and capital gains distribution income. This is the only 1099B transaction for the kids. It seems a shame to have to do a separate kids tax return because of this $20 transaction. Does anyone have a suggestion on whether or not I should just include this in capital gain distributions on the parents 1040 as opposed to reporting this on a separate 1040 for the kids? | |
| April 11, 2008 | |
| Linda, others may (will!) disagree, but I'd do what you are suggesting. Gotta keep "material or not" issue in perspective. Let's save some trees (even if it's just a client copy). | |
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