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Another portion of earnings were taxed at the youngster's tax rate.

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The kiddie tax was created in 1986 to keep parents from sheltering income by putting accounts in the names of their lower-taxed kids.

In its original form, a portion of investment earnings held by a child were tax-free.

On that day, the Tax Increase Prevention and Reconciliation Act took effect with a provision to keep the parents' tax rates in effect until the youngster turns 18.

But the readjusting of the age limit didn't end there.

Relief arrived once the child turned 14 and the excess earnings were again taxed at the child's lower rate.

On May 17, 2006, however, the kiddie tax effectively grew up.

View Cloud Letter of Authorization for Affiliated Account Owners Account owners associated with a Financial Industry Regulatory Authority (FINRA) or Exchange Member firm submit this form with an account application.

View Cloud Tenants in Common Use this form to update an existing account to a declaration of ownership in a Joint account held as tenants in common; also establishes the percentage of ownership for each owner.

View Cloud 5304-SIMPLE (Savings Incentive Match Plan for Employees)Use this form in addition to the IRA application to set up a SIMPLE IRA that allows plan participants to select the financial institution for receiving their contributions. Mailing Address Attachment to Form W-8BENLetter of Explanation for a U. View Cloud W-8EXPCertificate of Foreign Government or Other Foreign Organization for United States Tax Withholding: Form used to document foreign governments, international organizations, and foreign tax-exempt organizations.

View Cloud 5305-SIMPLE (Savings Incentive Match Plan for Employees)Use this form in addition to the IRA application to set up a SIMPLE IRA that requires all contributions to be initially deposited at a designated financial institution. View Cloud W-8IMYCertificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U. Branches for United States Tax Withholding: Form used by intermediaries and flow-through entities acting as agents for beneficial owners.

Consequently, individuals making transfers under their State’s UGMA could not be assured that other jurisdictions would recognize the transaction and subject it to rules that were the same or substantially similar to the rules in their state.

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