Question

Getting a refund on 2018 Kiddie Tax

Forum|Forum|6 years ago
February 21, 2020
2 replies
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The Wall Street Journal today says that the Kiddie Tax was corrected last year and that for 2018 and 2019 we can choose between the old rule (capital gains taxed at parents' rate) and the now-repealed new rule (capital gains taxed at trust rates).

How do I do this? I have TurboTax Basic for 2018, Deluxe for 2019. So I fire up TTax 2018 and open the young person's tax return to file a 1040-X. Will all the instructions be there?

(I work only with the forms, I don't use Step-by-Step unless I'm forced to.)

And am I assured that TTax 2019 will have this option built in? I did a rough cut last month on the young person's taxes and saw nothing to indicate that the law has changed.

Thank you!

TurboTax Basic Windows

M

MAK70

No at this time, 2018 has not yet been updated to re-calculate the Kiddie tax but please check back it should be ready for amending soon.

See 2018 Extenders passed under Taxpayer Certainty and Disaster Tax Relief Act of 2019

DoninGA

Employee

See this TurboTax support FAQ for the 2018 amend program availability with the tax extenders - https://ttlc.intuit.com/community/tax-topics/help/2018-extenders-passed-under-taxpayer-certainty-and-disaster-tax-relief-act-of-2019/00/1197091

J

joelevy

Thanks for this info. What's the best way to get notified when TT 2018 supports the updated filing of the kiddie tax from that year? I'd like to refile with TT but doesn't seem to support it yet. Just looking to be notified when it does.

Thanks