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Age-Related Tax Milestones

Age-Related Tax Milestones
 
Bischoff: A primer on what to watch for when your calendar turns.
 
Written ByBILL BISCHOFF
 
Across economic cycles, two things remain constant: you get older and you pay taxes. As the new year turns, you should also turn to your own age-related tax and financial planning milestones.Age 0-23: Beware the Kiddie TaxUnder the Kiddie Tax rules, part of a young person's investment income can be taxed at the parent's federal rate. This means investment income for a young person, which would be taxed anywhere from 0% to 10% to 15%, could be taxed at rates up to 35%.
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