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Your barring certain foreign investments your investment income is reported to the IRS very similar to how your W2 income is. Those 1099s aren't just sent to yo
by Volundr 4y ago
Your barring certain foreign investments your investment income is reported to the IRS very similar to how your W2 income is. Those 1099s aren't just sent to you, they are sent to the IRS as well.
There could easily be a system for updating your dependents with the IRS that doesn't involve doing the whole thing yourself.
- pfisch 4y agoDependent isn't just children, and if you are separated or unmarried it may not even be your children that count as dependents. It doesn't even require you to be the legal guardian. https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent
- jedberg 4y agoBut almost no one claims those kind of dependents. And furthermore, the government could just say, "last year you claimed these people as dependents, and we checked and they're all still alive, so we'll assume they still are".
- Volundr 4y agoOr even just have it be a field on your W-4 to keep up to date.