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I read that parents of dependent college students must report their child's income on their income tax if it above $10,000. But I have not seen any place on Turbo Tax forms to report it. What form is it reported on?
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A child income is reported in the same way anyone else's is. You would follow the same procedure of filing her return as you do your own. You would indicate that she is being claimed as a dependent in the Personal Info section at the beginning.
Tax filing requirement (for dependents)
The minimum income requiring a dependent to file a federal tax return. 2020 filing requirements for dependents under 65: Earned income of at least $12,400, unearned income (like from investments or trusts) of at least $1,100, or self-employment income over $400.
You do NOT report his/her income on your return. If it has to be reported, at all, it goes on his own return. If your dependent child is under age 19 (or under 24 if a full time student), he or she must file a tax return for 2020 if he had any of the following:
Even if he had less, he is allowed to file if he needs to get back income tax withholding. He cannot get back social security or Medicare tax withholding.
In TurboTax, he indicates that somebody else can claim him as a dependent, at the personal information section.
What you may have heard of is this: If his only income is from interest and dividends, Alaska PFD or capital gains distributions shown on a 1099-DIV, there is a provision for entering it on your return, using form 8814. Enter at Less common income / Child's income.
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