You'll need to sign in or create an account to connect with an expert.
Please note that you only have to file a return if the total of your unearned income is over $1,100.
Yes, interest from your CD is taxable at the Federal and state level.
Please read this TurboTax article for more information.
See these articles.
https://turbotax.intuit.com/tax-tips/family/tax-filing-requirements-for-children/L8ice6z0K
https://ttlc.intuit.com/community/income/help/what-is-the-kiddie-tax/00/25913
You can prepare a return in turbotax and it is free to start, and the program will tell you if you don't have to file.
You may want to consult with your parents because you have two options for how to calculate the "kiddie tax" on investment income in 2019 and one may be better than the other.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sunshineInTheRain
Level 3
chunhuach
Level 1
annie8508
Level 1
kajach3
New Member
vmdipaola
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.