To report your child's income on your return, simply follow these instructions and we'll apply the Kiddie Tax calculations. Related Information: What is the Kiddie Tax?
T Accounts The simplest account structure is shaped like the letter T. The account title and account number appear above the T. Debits (abbreviated Dr.) always go on the left side of the T, and credits (abbreviated Cr.) always go on the right.
1 Assets are on the left side or debit side and asset accounts such as Cash have their normal balances on the left side. 2  Liabilities and Ownerâs equity are on the right side or credit side and their accounts in the general accounting ledger have their normal balance on the right side.