You can elect to claim your son's income on your own tax return if his interest income is less than $10,500, he made no estimated tax payments during the year, and he had no income tax withheld at the source, parents can generally elect to claim his investment income on their own return.
Please follow the directions below to enter your son's 1099-INT in TurboTax:
- Open (continue) your return in TurboTax.
- In the search box, search for 1099-INT (upper- or lower-case, with or without the dash) and then click the "Jump to" link in the search results.
- Answer Yes when asked if you received any interest income. Savings Bond interest goes in box 3.
If the “jump to” is not working, click on the following tabs:
- Federal Taxes
- Wages & Income
- I’ll choose what I work on
- Scroll down to Interest and Dividends
- Select Interest on Form 1099-INT, click Start, Update or Revisit to the right of this category (see image below)
- Follow the screens to enter the 1099-INT. Savings Bond interest goes in box 3.
