Greetings,
Dependent child received minimal income for an internship done in 2024 summer @17yrs age. Once turned 18 (in Nov 24), used part of the money for cd/invest - which accrued some interest. I'm planning to file taxes for his full W2 (income earned at the age 17) and open may be an IRA for W2 amount. Is that fine?
Asking as part of that income used for cd. If above step is normal, do we also need to file separately for interest income or can we include all in one filing?
Thanks in advance.
