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Solved

My child has interest income from a savings account. How do I report that?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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TurboTax Deluxe Online

Best answer by ChristinaS

The interest income is your child's income, not your own income. So, the question is does your child need to file a tax return?

Maybe. It depends on the amount of interest we are talking about here.

Assuming this is his/her only income :

-At or Under $1050? You don't have to do a thing. It is also not added to your return.-

-He/she must file if the interest (or other such unearned income) is over $1050. This doesn't necessarily mean he/ you will owe taxes, it just means a dependent return must be filed. Be sure to indicate that your child is claimed as a dependent on another return. If you are online, you will need to create a new account/ a new username to file your child's return.

If the child has enough interest/ unearned income that she/he is already required to file, then you may have the option to add it to your return using special rules.

Filing requirements for dependents can be found here:

https://www.irs.gov/pub/irs-pdf/p501.pdf

ChristinaSAnswer

Level 10

The interest income is your child's income, not your own income. So, the question is does your child need to file a tax return?

Maybe. It depends on the amount of interest we are talking about here.

Assuming this is his/her only income :

-At or Under $1050? You don't have to do a thing. It is also not added to your return.-

-He/she must file if the interest (or other such unearned income) is over $1050. This doesn't necessarily mean he/ you will owe taxes, it just means a dependent return must be filed. Be sure to indicate that your child is claimed as a dependent on another return. If you are online, you will need to create a new account/ a new username to file your child's return.

If the child has enough interest/ unearned income that she/he is already required to file, then you may have the option to add it to your return using special rules.

Filing requirements for dependents can be found here:

https://www.irs.gov/pub/irs-pdf/p501.pdf

Level 10

1099-INT forms are added under Federal Taxes-Wages and Income- Interest and Dividends (if a return is required)