atang
New Member

Sold savings bonds in my son's name. Received Form 1099 showing $6000 interest. Do I report interest income on my tax return or do I need to file a tax return for my son?

 

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You can file it on a separate return for him or on your return.

If a child under 19 or a full-time student age 19-23 has investment income of less than $10,500 consisting of ONLY interest, dividends, capital gains distributions and/or nontaxable distributions, you may elect to report the child's income on the parent's return.  Look for Child's Income or type 8824 in the search box for the entry.

If you file it separately, on the dependent's tax return in Turbo Tax be sure to indicate that "someone else can claim as a dependent"  and "someone else will claim "  in the Personal Info section so the correct exemption is applied.


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Hal_Al
Level 15

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It's form 8814, not 8824

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, instead of him filing  separate return.

In Turbotax;  Enter at Less common income / Child's income.
atang
New Member

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Thanks all for your help!  I'm all set