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K
kk90
April 11, 2025
Question

Filing with only 4700 in capital gains?

  • April 11, 2025
  • 1 reply
  • 0 views

Hello,

 

Does my son whose only income was $4700 in capital gains (only $9 of that in short-term, the rest long-term) have to file taxes?

 

Will he have to pay capital gains tax with a total income of only $4700?

 

 

    1 reply

    M
    MindyB
    April 11, 2025

    Yes, children or full-time college students with unearned income of greater than $1,300 need to file a return, because of "kiddie tax."

     

    Typically, the first $1,300 worth of a child's unearned income isn't taxed, the next $1,300 is taxed at the child's rate, and anything above $2,600 is taxed at the parent's rate. This is calculated on Form 8615.

     

    See: What is IRS Form 8615: Tax for Certain Children Who Have Unearned Income for more information.

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