Is there any advantage/disadvantage to filing a tax return if there is no tax due? Many years ago, I opened UTMA accounts for my three kids. (In hindsight, that was not the best thing to do.) Some years, their accounts earn enough to owe taxes. This year, two of them owe tax while the third does not. Since I have already completed the return, should I go ahead and file a return for the third child to "prove" to the IRS that there is no tax due? BTW - Thanks congress for upping the age from 14 to 18 for having to do the multiple calculations to determine if they pay at their rate or the parent's rate. My youngest turned
14 last year, so I thought I was about through with that hassle.
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