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The kiddie tax does not apply unless all three of the following conditions are true: (a) the child is required to file a return for the year; (b) the child has at least one parent alive at the close of the taxable year; and (c) the child will not file a joint return for the taxable year. [3] The kiddie tax provision only applies to unearned income.
The Permanent Fund Dividend (PFD) is a dividend paid to Alaska residents that have lived within the state for a full calendar year (January 1 – December 31), and intend to remain an Alaska resident indefinitely. [16] This means if residency is taken on January 2, the "calendar year" would not start until next January 1.
A "mirror" tax is a tax in a U.S. dependency in which the dependency adopts wholesale the U.S. federal income tax code, revising it by substituting the dependency's name for "United States" everywhere, and vice versa. The effect is that residents pay the equivalent of the federal income tax to the dependency, rather than to the U.S. government.
Alaska also is included in this group, except for those who received the annual payment of Alaska's Permanent Fund Dividend. That is considered taxable income on federal tax returns, the statement ...
Volunteer teens in a California high school are now helping run a tax-return clinic -- largely thanks to an Internal Revenue Service (IRS) program which trains people to prepare taxes and make a...
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The U.S. state of Alaska dispenses a form of citizen's dividend in its Permanent Fund dividend, which holds investments initially seeded by the state's revenue from mineral resources, particularly petroleum. In 2005, every eligible Alaskan resident (including children) received a check for $845.76.
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