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Tax Guide for Investors

Kids and College

Tax information for parents and students.

 
Introduction
Kids can be expensive, and college well, that's a big financial mountain to climb. Fortunately there are plenty of tax benefits for parents and students. We offer a variety of resources here, and plan to add more in the near future.
Kids and College is only a small part of this web site. Please visit our home page for more help with taxes and investing.
More Information
Here are some other pages dealing with tax benefits for parents or students:

New Rules for Qualifying Children
The Working Families Tax Relief Act of 2004 includes new rules for determining who can claim tax benefits for qualifying children, including the dependent exemption and the child credit.

Roth IRAs for Minors
Can you set up a Roth IRA for a minor child? Should you?


Visit our other online guides
capital gains mutual fund taxes Roth IRAs  employee stock options 
Frequently Asked
We sold stock at a loss in our son's UTMA account. Can we claim the loss on our own tax return?
Unfortunately, the answer is no. The assets in a custodial account belong to the minor, and any income, gain or loss generated by the account belong on the minor's tax return. There's a limited exception for dividends and interest received by children that are subject to the kiddie tax, but it doesn't apply to capital gains and losses.
More questions? Visit our message board.
Detailed Guidance
We have two topics we cover in a great deal of detail:

Taxation of Minors
Our newest guide covers the infamous kiddie tax, the election to report a child's income on your return, and more.

Coverdell Accounts
Formerly known as the education IRA, these accounts offer one of the best ways to save for college.

Custodial Accounts for Minors
Also known as UTMA or UGMA accounts, custodial accounts provide an easy way to transfer cash or other assets to minors.


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Resources
Savingforcollege.com
We don't like to send people away from our web site, but if you need information about 529 plans there's only one place to go: Savingforcollege.com. Tons of info and a great book, too.
Good read. Kathy Kristof does a great job covering all the ways you can pay college expenses in her book, Taming the Tuition Tiger (link to info page at Amazon.com).
Forms and pubs. Fairmark's Fast Form Finder makes it easy to find and download the IRS forms and publications you need. Click here for forms and pubs relating to children, and here for forms and pubs relating to education.

   


   

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