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I have a tax client that is 19 years old full time college…

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I have a tax...

I have a tax client that is 19 years old full time college student. His grandfather gave him $5000.00 this year from his corporate business. He was issued a 1099 for that amount listed in box 3. Is this money subject to the kiddie tax. His father claims him as a dependent.

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That is all the information I have

Submitted: 8 months ago.Category: Tax
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10/6/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 8 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. If the income is unearned income it would be subject to the kiddie tax. If the income is subject to SE Taxes then it is not subject to the Kiddie Tax.

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