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New Member

I'm 17 years old and a dependent of my parents. Filing my own return due to interest and dividend income. Is interest from my CD taxable by federal and state

 
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Employee Tax & Finance Expert

I'm 17 years old and a dependent of my parents. Filing my own return due to interest and dividend income. Is interest from my CD taxable by federal and state

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.

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Level 15

I'm 17 years old and a dependent of my parents. Filing my own return due to interest and dividend income. Is interest from my CD taxable by federal and state

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.  

*Answers are correct to the best of my ability but do not constitute legal or tax advice.*
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