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Does my 18 year old son need to report unearned income of $956 from a 1099-Div custodial account in his name, if he reported an earned income of $3621?
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June 6, 2019
12:53 AM
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All income from ALL sources must be reported on a return if he files one.
June 6, 2019
12:53 AM
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With only $3621 of earned income, he was not required to file a tax return. But with unearned income over $350 and gross income of more than $1050; he is now required to file a tax return.
If the $956 was qualified dividends ($956 was in both boxes 1a and box 1b of the 1099-DIV ), he will not owe any tax, but must still file an amended tax return.
If the $956 was qualified dividends ($956 was in both boxes 1a and box 1b of the 1099-DIV ), he will not owe any tax, but must still file an amended tax return.
June 6, 2019
12:53 AM