Tax Surprise for Children of Gold Star Families: Tax Strategy Scan
Children of military personnel who died in active duty are facing a surprise tax bill for their annual survivor’s benefit thanks to the new tax law. The new law simplified the Kiddie Tax by switching the rate from the parents’ rate to trust tax rates. In one case, a 6-year-old owed $7,000 in federal taxes two years after his father, a U.S. Navy senior chief petty officer, died of a heart attack.
To read the full article in Financial Planning, click: Tax Surprise for Children of Gold Star Families: Tax Strategy Scan.
