Are there tax implications for a guardianship?

Yes, there are tax implications for a guardianship in the state of Washington. Generally, the guardian is responsible for filing and paying any taxes due for the minor. The guardian must file an income tax return for any income the minor earned on their behalf. This income can include interest, dividends, capital gains, wages, or unearned income from Social Security, veterans’ benefits, or other sources. In addition, the guardian may be eligible for certain tax credits for the minor, such as the Child Tax Credit. Furthermore, the guardian is responsible for any taxes the minor may owe on the income they earned. This includes taxes on income, gains, or other sources, as well as any applicable state or local taxes. In addition, the guardian may be responsible for filing an annual fiduciary income tax return. This is a separate form that must be filed each year, and it includes information on the minor’s income, deductions, and credits. In addition to filing income tax returns and paying taxes, the guardian may also be responsible for filing and paying certain estate taxes. This includes any taxes due on gifts or inheritances the minor may receive. Finally, the guardian may need to pay any other applicable taxes, such as the Washington estate tax or inheritance tax.

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Are there tax implications for a guardianship?

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