Hello,
My son turned 18 in August of 2024 and is a Senior in high school. He received a 1099-INT for the interest on his savings account but my husband and I already filed our return and claimed his interest on our taxes using schedule B. Do I need to amend and file a 8814? Or do I amend and remove his interest completely and have him file his own? I’m so confused. I don’t want him to be in trouble for not filing if he has to. His interest earnings was $1498 and he had no other income. He is a full time student.
rules for filing form 8814
1) the child's only income is from dividends, interest or capital gain distributions (gains/losses from stock sales is a disqualification as is having earned income)
2) his grioss income is under $13K
3) he has no withholding or estimated tax payments and he did not file last year and applied an overpayment of taxes to 2024
4) he's under 19 at the end of 2024 or under 24 if a full time student
whether to amend once your return is fully processed may depend on how much interest was omitted. The IRS is unlikely to bother you for a small amount. But what is small?