(1) Except as provided in subsection (2) of this section, a minor shall file a return and include therein all items of income, including income attributable to personal services, and such income shall not be included on the return of the parent. All expenditures by the parent or the minor attributable to such income are considered to have been paid or incurred by the minor. However, any tax assessed against the minor, to the extent, attributable to income from personal services, if not paid by the minor, for all purposes shall be considered as having also been properly assessed against the parent. For the purposes of this section the term “parent” includes an individual who is entitled to the services of a minor by reason of having parental rights and duties in respect of such minor.
(2) If a parent is eligible to elect and elects to include the interest and dividend income of a child on the parent’s federal income tax return under section 1(g)(7)(B) of the Internal Revenue Code, the parent shall be considered to have elected to include the interest and dividend income of the child on the return filed by the parent for the same taxable period for purposes of this chapter. The child need not in such case file a return for purposes of this chapter for the taxable period to which the election applies. [1969 c.493 §56; 1989 c.625 §13a; 1991 c.457 §7a]Section: Previous 316.364 316.365 316.367 316.368 316.369 316.370 316.371 316.372 316.375 316.377 316.380 316.382 316.385 316.387 316.390 Next
Last modified: August 7, 2008