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Thank you for the quick response!
Yes, all the paperwork (1099-INT, W-2) are issued in their name and have their (partial) SSNs. I just wanted to confirm because when I first started my own job and was filing my taxes for that year (almost 25 years back), I was told by a banker that banks are required to report any interest over $10 to the IRS on 1099-INT and hence I may need to include those in my returns. Since my kids earned way more than $10 but did not have substantial (if any) income, I was wondering how that would work. Thank you for clarification.
March 27, 2024
7:12 AM