It depends. If your child has no other income, you may not include his /her unearned income such as interests and dividends on your 2020 income tax return. Otherwise, you may elect to file Form 8814, Parent's Election to Report Child's Interest and Dividends and attach it to your income tax 1040, if your child is subject to kiddie tax:
- Under age 19 or full-time student ages 19-23.
- Child's only income was from interests and dividends.
- Child's gross income was less than $11,000.
- There was no federal income tax withheld from the child's income.
- Child's unearned income was less $2,200.
See, tax on child's investment (kiddie tax), for more information.
