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Questions tagged [children]

The tag has no usage guidance.

6
votes
0answers
60 views

How to monitor for identity theft of minor child

It's important to monitor your own credit for signs of identity theft and for errors, because recovery can be time consuming and expensive. What steps should parents take to monitor their minor ...
4
votes
0answers
52 views

Canadian parent gifting adult child in the US [duplicate]

My wife was born in Canada but now has her US citizenship and resides with me in the US. She still has Canadian Citizenship but, as you know, the US does not recognize dual citizenship. One of her ...
1
vote
1answer
86 views

If you take the standard tax deduction, can you still claim the Child Tax Credit?

If you take the standard tax deduction, can you still claim the Child Tax Credit? I can't find the answer with Google.
8
votes
2answers
2k views

Savings Accounts for Future Child Expenses

If I were looking to have a kid in the next 3-6 years, what (if any) tax-advantaged plans exist to help saving for future, related expenses? To be more specific, there are numerous types of savings ...
1
vote
1answer
79 views

Australia- Bank account for newborn

I have just acquired a newborn, a would like some advice in setting up long term financial plan. I don't have a target amount in mind, just to have some money to help her when older (roughly 18-21 ...
1
vote
1answer
92 views

Where are additional dependent children listed on the 2018 1040 tax form?

I was getting a head start on my taxes and wondering what form there is for listing out additional children. On the old form, I attached another form (probably something just autogenerated by my ...
48
votes
3answers
13k views

If a kid makes money, do the parents take on the tax liability?

Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
50
votes
2answers
11k views

Can I hire my kid and start a Roth IRA for him?

I own an LLC, of which I am currently the sole member. It's my main source of income. I am wondering if there is a reason why I could not do the following: Hire my child as a part-time employee of ...
45
votes
4answers
12k views

How to teach personal accounting to an 8-year-old

I try to teach my 8 year old daughter the basics of finance. She has some her own money (partly in a wallet, partly in a piggy-bank). Some time ago, she threw a short tantrum about "someone stealing ...
10
votes
1answer
2k views

Can a 15 year old finance something? [duplicate]

I would like to get a laptop, mainly to use in school and extracurriculars. While I can save up with my job, it would be much easier to finance the laptop instead, since I'm saving up for other things ...
45
votes
2answers
7k views

Best way to make sure my son has an income after I have died

I have a son with special needs, he is autistic and has learning difficulties. It is unlikely he will ever have a 'normal' life or be able to financially support himself. I am extremely worried of ...
3
votes
1answer
546 views

Tax implications for a child's savings account

I'm in the process of moving a child's savings account from a bank that pays virtually no interest, to one that pays an amount where - while the amount they will earn is still quite low, it will at ...
3
votes
2answers
261 views

My son is trying to start a checking account but I can't seem to figure out the right solution

My son wants a checking account, but with a debit card. We are on Bank of America. I told him I could set up a second card on my account but realized- the money would come out of my account. He is ...
88
votes
5answers
19k views

I have sole custody of my child but the child's father's brother claimed him as a tax deduction

I have court papers showing that I have full and sole custody of my son and that he was with me like 99% of the year. I let my son's father have him a few weekends last year but only a handful. My ...
5
votes
1answer
84 views

What laws are there surrounding earned income for younger children to make them eligible for Roth IRA?

I found this question looking for suggestions on ways that children can earn money, but I want to know what rules there are surrounding payments I can make to my child without getting the IRS on my ...
10
votes
2answers
13k views

How can I cash or deposit a check made out to my minor child?

Does my bank need to be aware of my child first? Do I need to, or should I, add anything to the back of the check where I would normally endorse it?
10
votes
2answers
413 views

Does a gift to a baby that's accepted by a parent count as a gift to the parent?

I live in the United States, and I recently had a baby girl. My mother would like to give her some money by check, but the baby doesn't have a bank account yet. I've read that I should be able to ...
65
votes
17answers
19k views

How to share income after marriage and kids?

My girlfriend and I are thinking about marriage and having children and I have spent the last days trying to figure out concepts how to handle finances from that point forward. I believe that this is ...
3
votes
1answer
381 views

How can I gift mutual funds to my 1 year old nephew?

My nephew is getting ready to turn 1 year old and I would like to gift him mutual funds. Are there any special types of accounts out there to allow this sort of gifting? I'm not looking to set up a ...
15
votes
2answers
3k views

Can I deduct child's charitable deduction from my taxes?

My five year old daughter negotiated $20 in back allowance (we hadn't paid her allowance in a while, and she's a better negotiator than me) and then donated that money at her school to a charity for ...
38
votes
2answers
3k views

Where can I put savings for my kid that I literally cannot withdraw from?

I currently have a second savings account where I'm saving money for my child's future - most likely it will be used for their college and/or wedding. I've heard horror stories of parents stealing ...
6
votes
2answers
4k views

Does our baby need to file a tax return?

My friends had a baby last year, and he's turning 8 months by April 15, 2016. The parents are going to file a joint tax return this year. Can they claim their baby as a dependent? Should they ...
2
votes
1answer
50 views

Child Healthcare costs - Statistics by age

Are there statistics, both current and projected, on healthcare costs (absolute dollar amounts) in the USA for children at various ages? I googled this and found this study: http://www....
7
votes
5answers
3k views

Debit card for minor (< 8 y.o.) [closed]

I have a child who has expressed interest in using a debit card. He knows about money, can count coins and banknotes, and really wants to have a debit card. I want to use this as a learning experience ...
1
vote
0answers
65 views

Coverdell ESA Tax Consequence For Corporate Contribution

I have a small business (C corp) and noticed that corporations can contribute to an Coverdell ESA account with no income limit. Can I create an ESA account for a child and fund it 100% from corporate ...
3
votes
2answers
293 views

Can I claim my daughter as a dependent on my 2014 tax return even though she got married in August?

Can I claim my daughter as a dependent on my 2014 tax return even though she got married in August? She did not live at home but was a full-time student for at least 5 months out of the year, and we ...
0
votes
2answers
76 views

Is a child also a dependent in IRS withholding calculator?

I am trying irs.gov website's withholding calculator. I am confused with this page: . I have one minor child. Should I mention her as dependent here, "Select the number of dependents (other than ...
1
vote
1answer
68 views

Most effective instant access savings for a child - UK

We have a maxed out stocks and shares ISA for our baby - what is the most effective non-term limited account that can be in her name? We're thinking it will be useful for birthday parties, clothes etc....
14
votes
2answers
2k views

Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
2
votes
1answer
3k views

What is the difference between Child Benefit and Child Tax Credit?

In the UK, how does Child Tax Credit differ from Child Benefit? It appears to me that those who receive Child Tax Credit are fewer than those who receive Child Benefit, as there are more criteria ...
3
votes
1answer
110 views

How should I include pension contributions in my UK Child Benefit calculations?

I'm using the gov.uk Child Benefit Tax Calculator and I don't know how I include my pension contributions in the "Pension contributions deducted from your pay" and "Pension contributions not paid from ...
6
votes
1answer
218 views

In Quebec, what kind of financial assistance might be available to an unemployed single mother with kids?

My husband will be separating from me in a couple of months. I am unemployed and have two kids both under the age of 6. Is there a single mother's compensation? Especially in my situation where I am ...
0
votes
4answers
177 views

Ways to save for child's college education where one need not commit to set contributions? [duplicate]

I'm looking for a good way to save for college for my daughter. As a parent of a single income home, I am looking for a way to maximize my savings to reach my goals, but without having to go with a ...
3
votes
2answers
345 views

Choosing a vehicle to invest a kid's money on their behalf (college, etc.)?

This is a variation on Strategies for putting away money for a child's future (college, etc.)? My question regards money gifted to a kid (by a family member in this case). What should I ...
3
votes
3answers
717 views

Teaching school kids about money - what are the real life examples of math, budgeting, finance?

Yesterday when renting a car I was listening on the radio to a discussion about introducing classes about money for kids aged 11-14. Here is an article on that topic: Financial education to become ...
5
votes
1answer
358 views

Qualifying income for Roth IRA for a child?

I'm thinking about my still-toddler boy, and trying to figure out how to help him get an income which would allow him to start contributing to a Roth IRA. I am aware that the value of such an IRA ...
2
votes
1answer
196 views

For Tax Purposes, What Does “Provide at Least Half the Cost” Mean?

If I am separated (no legal decree) from my husband for just over two years and have been unable to work due to caring for children and illness. I get ~$3700/month from him labeled as "Separation ...
10
votes
1answer
684 views

How to create a college savings account for a kid without his mom being able to tap into it?

I am divorced with 2 kids. My mom wants to setup a college savings account of some type for my older kid. Last time she did this, she used my kid's SSN and deposited some money. I do not know what ...
7
votes
2answers
201 views

What specific quality of life factors need to be addressed when creating a special needs trust?

We are in the process of creating a special needs trust for my daughter. One of the many things we need to think about are the quality of life factors as she gets older and of course as we get older. ...
8
votes
2answers
488 views

Hiring a teenager as a household employee

What am I required to do if I hire a 14-year-old for household work? Any generic information is welcome, but I'm in New York State. Here are some things that come to mind: Do I need to have the ...
2
votes
1answer
657 views

What kind of account should we open for a young child who was given some money?

My son, who is 7 months old, inherited a little bit of money (in the range of $10K - $20K). What's the best type of account that we should open for him? The money wasn't given as "college" money, so ...
7
votes
3answers
2k views

How should minor children be listed as IRA beneficiaries?

I've heard conflicting information on how minor children should be listed as beneficiaries of an IRA. (And perhaps for life insurance.) This is where there is a testamentary trust to provide for the ...
6
votes
1answer
601 views

Long term investing on behalf of newborn

I have some gifts from friends and family for my newborn daughter. I would like to invest these but I don't know what is the best way. 529 plans spring to mind but I don't know what the educational ...
7
votes
2answers
140 views

What to consider when starting a savings account for my children?

I want to start saving some money regularly for when my children turn 18. What options are available to me and what are some things I need to consider when choosing the right approach?
7
votes
2answers
391 views

Can I start a 529 plan for a child before the child is born?

A recent question got me wondering about this one: Conventional wisdom says "It's never too early to start saving for your kid's college education." But a 529 plan is taken out for a specific person. ...
32
votes
6answers
4k views

Strategies for putting away money for a child's future (college, etc.)?

So my wife and I will be having our first child at the end of the year, and I'm trying to devise a strategy for things like putting money away for the little person now, while I have the time and ...
13
votes
4answers
1k views

What is a good investment vehicle for introducing kids to investing?

We have been paying our four kids a small allowance. We help them split their money by percentage into different categories (savings, investment, responsibility, school, play, etc.) One of the ...
5
votes
1answer
262 views

Bank offer for Children's savings account 7% or higher

I heard there are a couple of banks offering 7% or higher interest on Children's savings accounts (Kids under 18) Are these a good investment for my kids? I can't find these offers on the internet, ...
15
votes
9answers
2k views

Switch from DINK to SIWK: How do people afford kids?

Currently my wife and I both work, and we have no kids. We have no debts (besides our mortgage), live very frugally (friends call us cheap), and are roughly breaking even. We would like to have kids, ...
5
votes
6answers
415 views

How to plan my Finances when about to have a baby: What are some considerations to be aware of?

I would like some insight into the process for financially planning to have a child. Outside of the obvious upfront medical expenses, what are some important financial considerations that I should be ...