Your children must file a tax return for 2016
if he had any of the following:
- Unearned
income (interest, dividends, capital gains, taxable scholarships, unemployment
compensation, retirement income) of more than
$1,050.
If it is more than
$1,050, then they are required to file a return, however you may be able to report their
income on your return using Form 8814, Parent's
Election to Report Child's Interest and Dividends. If you do, your children is not required to file a return.
In order to use Form
8814 as part of your tax return, the following conditions must be met:
• The child was
under age 19 (or under age 24 if a full-time student) at the end of 2016.
“Student” is defined below.
• The child’s only
income was from interest and dividends, including capital gain distributions
and Alaska Permanent Fund dividends.
• The child’s gross
income for 2016 was less than $10,500.
• The child is
required to file a 2016 return.
• The child does not
file a joint return for 2016.
• There were no
estimated tax payments for the child for 2016 (including any overpayment of tax
from his or her 2015 return applied to 2016 estimated tax).
• There was no
federal income tax withheld from the child’s income
If you decide not to
report your children's income on your return, or you don't qualify to use Form 8814,
your children must file a return, and they may have to file Form 8615, Tax for Certain Children who have Unearned Income of More than
$2,100.
In TurboTax, please
do the following:
- Federal Taxes
- Wages & Income
- Less Common Income
-
Child's Income (Under Age 24), please click Start
